Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

FINANCE

LONDON (Reuters) – UK grocery inflation hit 11.6% in August, the highest level since at least 2008, adding 533 pounds ($642) to annual bills during the worst cost of living crisis in decades, industry data showed on Tuesday.

Market researcher Kantar said the inflation rate was the highest it has seen since it started tracking supermarket prices in this way 14 years ago.

As prices rise Britons are also increasingly turning to own-label products to drive down the cost of their weekly shop, Kantar said. Sales of supermarkets’ own lines grew 7.3%, while sales of branded items now make up about half of the market, the highest level recorded, Kantar said.

Over the past month we’ve really seen retailers expand and advertise their own value ranges across the store to reflect demand,” said Fraser McKevitt, Kantar’s head of retail and consumer insight. It’s not surprising that we’re seeing shoppers make lifestyle changes to deal with the extra demands on their household budgets.

Prices are rising fastest for products such as butter, milk and poultry, the researcher said.

The Bank of England said inflation would peak at 13.3% in October, the highest since 1980. Soaring inflation has largely been driven by rising energy costs, alongside issues surrounding Britain’s departure from the European Union and supply chain disruptions that worsened with Russia’s invasion of Ukraine.

Discount chain Lidl remained Britain’s fastest growing grocer over the 12 weeks with sales up 17.9%.

Kantar said its data also showed Britons reacting to heat waves in July and August with sales of mineral water and soft drinks soaring by 23% and 10% respectively over the past four weeks.

($1 = 0.8297 pounds)

 

(Reporting by Andrew MacAskill; editing by Grant McCool)

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts