BUSINESS INTELLIGENCE
GROCERY PRICES
Inflation data reveals price rises in value-brand
ONS data shows some of the lowest-priced everyday grocery items have seen increases of more than 15%.
T
he lowest-priced grocery items have increased in cost by around 6% to 7% over the 12 months to April 2022 – as much as average food and non-alcoholic drinks prices, according to research by the Office for National Statistics. The research shows the lowest-priced everyday grocery items have seen a notable variation in price change over the year, with some items showing increases of more than 15%, while other items fell in price. In cash terms, the largest price rises, on average, were measured for beef mince (up 32p for 500g to £2.34)
and chicken breast (up 28p to £3.50 for 600g). Pasta (up 17p), vegetable oil (up 14p), and crisps and rice (both up 12p) showed the next largest increases in cash terms. The largest average fall in the lowest price over the year was measured for potatoes (down 12p to 75p for a 2.5kg bag), followed by cheese (down 7p to 88p for 255g) and pizza (down 4p to 95p for 300g). Over the month from March to April 2022, the items that saw the largest increase in the lowest price were breakfast cereal (up 6%), mixed frozen vegetables and vegetable oil
(both up by 5%). The ONS said there was some evidence of ‘shrinkflation’, but sugar-free or low-salt versions of some lowest-cost items are often the same price as the standard versions of these products. Jack Leslie, Senior Economist at the Resolution Foundation, told the I newspaper: “Inflation is always felt the hardest by poorer families because if you are only just about making ends meet you are spending all of your money on essentials and as soon as the prices go up for essentials you don’t have anywhere to cut back which doesn’t start impacting your living standards.”
WEDNESDAY IST JUNE 2022/ ISSUE 107 / SLRMAG.CO.UK I 23
