The latest study by Kantar has found that prices of food products, including meat, were 5.9% higher in April than a year ago, marking the biggest increase since December 2011.
The study suggests that shoppers are turning to discount retailers Aldi and Lidl as pressures on budgets grows. Supply chain issues, the Ukraine war and rising raw material costs are all contributing to soaring meat prices.
Kantar said food prices were rising fastest in markets such as, fresh lamb and savoury snacks.
Fraser McKevitt, head of retail and consumer insight at Kantar, said: “The average household will now be exposed to a potential extra £271 per year.
“A lot of this is going on non-discretionary, everyday essentials which will prove difficult to cut back on as budgets are squeezed. We’re seeing a clear flight to value as shoppers watch their pennies.
“The level of products bought on promotion, currently at 27.3%, has decreased 2.7 percentage points as everyday low price strategies come to the fore. The major retailers are listening to shoppers’ concerns, with Asda launching its Just Essentials line, Morrisons announcing that it is cutting the price of many everyday goods, and Tesco locking in savings through its Clubcard strategy.”
Supermarkets are vying to get customers through the doors in the current climate by making the discounted lines as attractive as possible. Asda’s Just Essentials line includes tinned tuna, and fresh meat. Morrisons has cut pricing on many meat lines including beef mince and other fresh meat.
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
