Grocery inflation increased for the first time since March 2023 to 1.8%, up from 1.6% last month, according to Kantar.
Take-home sales at the grocers rose by 3.8% in the four weeks to 4 August 2024 compared with a year ago, according to our latest data. Grocery inflation increased for the first time since March 2023 to 1.8%, up from 1.6% last month.
Having reached its lowest rate in almost three years in July, August saw inflation nudge up again slightly. While this is noticeable following 17 straight months of falling rates, it actually marks a return to the average levels seen in the five years before the start of the cost of living crisis.
It is a mixed picture on supermarket shelves with prices now rising across 182 product categories, as the costs in 89 others fall. Kitchen towels and baked beans are now 7% and 5% cheaper respectively than they were last year. With this kind of pricing spread, shoppers will find that the type of product they’re putting in their baskets will really dictate how much they pay. They’re continuing to take advantage of the wide range of promotions being offered by the grocers to help keep the price of shopping down. Spending on deals rose by 15%, while sales of products at their usual price saw no increase.
Welcome sales boost from both summer and sport
Despite the ongoing pressures on consumers, this month saw people getting into the party spirit to celebrate the summer of sport. While people continue to make smart choices to manage their budgets, we should never underestimate Britons’ love of big occasions. Many marked the start of the Olympics over drinks and snacks – sales of wine were up 35%, while nuts increased 60% and crisps rose by 10% on the Friday of the Opening Ceremony in Paris, compared with the previous week. England fans also roared on The Three Lions as the men’s UEFA European Football Championship Final reached its closing stages with £10 million spent on beer on the day of the final, the most spent on a Sunday in more than three years.
As the country cheered on its sporting stars, for many it felt like summer finally arrived in July and August. Sales of burgers leapt by 32% compared with the same time last year, as Britons finally lit the barbecue. Chilled prepared salad sales rose by 22% while the amount spent on ice cream was 23% higher. It wasn’t all fun in the sun though – 28% more was spent on cough lozenges as people battled with COVID-19 and other summer colds.
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