Brits told they should brace themselves for even higher food and drink prices November 9, 2022 Food and drink prices are expected to climb even higher than previously expected – with meat, fruit, vegetables, dairy and bread seeing the biggest increases, a new forecast has suggested. The rate of food price inflation will reach a peak year-on-year of between 17 per cent and 19 per cent in early 2023, the Institute [...]
Shoppers continue turning to own label groceries as yearly food bill to leap by £682 November 8, 2022 Sales of own-brand groceries shot up last month while fewer consumers forked out for a Halloween pumpkin this year, as households seek to trim down costs. Shoppers are increasingly switching to cheaper alternatives of food essentials, as historically high levels of inflation amp up the pressure on Brits this winter, according to data from insights [...]
Primark owner takes £1bn extra inflation hit amid ‘most challenging’ economy for many years November 8, 2022 Primark owner Associated British Foods (ABF) saw inflationary costs leap by £1bn this year alone, as it weathers “highly volatile” economic conditions and hopes to retain shoppers with its low prices. The chairman of the fashion and food business, Michael McLintock, said ABF had “encountered the most challenging economic conditions for many years with sharply [...]
Cost of living special: Which everyday items have risen in price by how much recently? November 6, 2022 New figures showed recently that retail sales volumes have plummeted to 1.3 per cent lower than pre-coronavirus levels, as rising prices and the cost of living continues to bite. The ONS data said at the end of October that in particular food store sales were down, by 1.8 per cent last month, which is 3.2 [...]
Olive oil maker Filippo Berio faces price hike of 35 per cent: ‘If we don’t pass it on, we go bust’ November 2, 2022 Consumers could be hit with price hikes of up to 35 per cent on olive oil next year, the managing director of Filippo Berio told CityA.M. Harvests in Spain have been impacted by a dry September, with worst-case scenario predictions that the crop could fall to the lowest level since 2012. In Andalusia, a main [...]
Homeware retailers ‘draw short straw’ in economic crunch as Made.com nears collapse October 31, 2022 Homeware retailers are facing a turbulent 2023 as mounting operational costs and hesitant consumer sentiment piles the pressure on the sector. It comes as Made.com was still teetering on the brink of collapse on Monday after customers have pulled back from spending on pricier items like furniture. Last week, the ailing sofa seller said it [...]
Range of 30 low-cost items increase in price by 17 per cent in last year – ONS October 25, 2022 A range of 30 every-day low-cost items have increased in price by 17 per cent in the last year, new figures have revealed. Data from the Office for National Statistics show a range of products went up considerably over the 12 months to September, as the cost of living continues to bite. Items including vegetable [...]
M&S to speed up plans to close 1 in 4 larger clothing stores October 12, 2022 Marks & Spencer will accelerate its plans to slash the number of its larger stores that sell clothing and homeware products. In an update to investors on Wednesday, the supermarket revealed it would shutter more than one in four of its so-called full-line stores within three years rather than five. Plans also include the opening [...]
Shoppers face £643 increase to yearly grocery bill October 11, 2022 Shoppers are facing an additional £643 jump in their annual grocery bill as grocery price inflation breaks another record. According to freshly published data from Kantar, grocery inflation sits at 13.9 per cent, the highest level since the data firm started tracking prices in the 2008 financial crisis. The average household’s annual grocery bill is [...]
High street spending slumps amid retail’s Covid recovery October 6, 2022 The high street’s Covid recovery has been slowed by the economic slump, with shoppers cutting back on shopping sprees last month. According to freshly published statistics from Springboard, the recovery of retail footfall slowed for the third month in a row. Footfall increased just 6.8 per cent, compared to a 15.6 per cent boost in [...]