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Google PlayAccording to a study by grocery analysts, the average cost of a family food shop could increase to an additional £40 per month, as typical household items hit their highest prices in two decades.
Bread, meat, dairy, fruit and vegetables are just some of the key items expected to be affected, according to the Institute of Grocery Distribution. It also warned that vulnerable people will be likely to skip meals and predicted that prices would rise faster for much longer than the Bank of England calculations.
The IGD, which provides analysis to major grocers, said the UK was facing the biggest cost of living pressures since the 1970s, which have been brought on because of the Ukraine war. Brexit and supply chain disruption linked to the COVID-19 pandemic are also thought to be factors affecting prices.
James Walton, IGD’s chief economist, said: “From our research, we are unlikely to see the cost-of-living pressures easing soon. This will undoubtedly leave many households—and the businesses serving them—looking to the future with considerable anxiety. If average food bills go up 10.9% in a year, a family of four would need to find approximately £516 extra a year.”
He added: “We are already seeing households skipping meals—a clear indictor of food stress. We expect the mood of shoppers to remain bleak for the foreseeable future as they are impacted by rising inflation and a decline in real wages. [Ultimately] shoppers are likely to dial up money-saving tactics as far as possible.”
Recent figures from the ONS indicated that the price of pasta had soared by as much as 50% in the space of just twelve months, while the cost of beef and crisps increased by 16 and 17% respectively.
Last month, Ian Wright, the head of a government advisory body, said that the UK was unprepared for the huge food price hikes and shortages of essential goods triggered by the war in Ukraine. He told The Independent of growing concerns that there is no proper plan for a “scary” future of disrupted food supplies, warning: “This is a bigger crisis than energy.”
