Grocery price inflation continues to drip down but families feel little relief when it comes to prices
GROCERY price inflation continues to trickle down but there is still little comfort to be found in store for many, according to the latest price inflation data from Kantar.
The marketplace analysis firm found that grocery price inflation sat at 4.5% for the four weeks to 17 March, marking the lowest rate for inflation since February 2022.
But it seems the dropping rate of inflation is still yet to be felt on the shelves as 23% of British households still say they are struggling financially.
Fraser McKevitt, head of retail and consumer insight at Kantar, said: “Grocery inflation has come down significantly since hitting an eye-watering peak of 17% in March 2023.
“However, despite this continued slowdown, many British households are still feeling the squeeze. Some 23% identified themselves as struggling financially in our data – the same proportion as reported in November last year.”
Shoppers remain on the look out for the best deal possible out of their baskets as well, according to Kantar, as 78% said they are buying cheaper groceries, with 68% saying they look to use promotions to help manage budgets.
Retailers have responded to this demand well, with Kantar identifying that a whopping £605million more has been spent on deals over the time period when compared to March 2023.
McKevitt said: “Premium own-label lines have been a big beneficiary of consumers trading down, growing by a whopping 16.1% this month – the quickest rate we’ve seen in nearly three years.
“However, sales of branded goods pushed just ahead of own label overall, increasing sales by 6.1% and 4.7% respectively in the latest four weeks.”
