LONDON, Aug 16 ― UK grocery inflation hit 11.6 per cent in August, the highest level since at least 2008, adding £533 to annual bills during the worst cost of living crisis in decades, industry data showed today.
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 per cent, while sales of branded items now make up about half of the market, the highest level recorded, Kantar said. “It’s not surprising that we’re seeing shoppers make lifestyle changes to deal with the extra demands on their household budgets.”The Bank of England said inflation would peak at 13.3 per cent 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.