2024-01-04 06:33:45
British food inflation plummets, Christmas consumption hits record high
High inflation in the UK is a thing of the past, with supermarket food inflation slowing at the fastest pace on record in December. This resulted in a record high in food consumption during the festival that just passed.
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According to data company Kantar, annual supermarket food price inflation fell to 6.7% in December from 9.1% in the previous month. It was also the sharpest monthly slowdown on record.
Prices for candy, eggs and frozen potato products continued to rise the fastest, but cream, milk and cream were all falling.
Household food expenditures this month increased by an average of £28 compared with December 2022, with household spending on grain and oil reaching a record high of £477 during Christmas.
In the four weeks to December 24, Britons went to supermarkets 488 million times, about 12 million more than the same period last year, and sales reached a record 13.7 billion pounds.
The busiest day was December 22, with more than 25 million people visiting and consumers spending 803 million pounds in street shops.
During the period, discount chains Aldi and Lidl achieved record market shares, while the UK’s two largest supermarkets, Tesco and Sainsbury’s, were also winners of the show.
Supermarket own brands performed particularly strongly, with sales of premium products such as Sainsbury’s Taste the Difference and Tesco Finest soaring 11.9% compared to last year to £790m, accounting for 5.7% of all grocery sales.
Fraser McKevitt, head of retail and consumer analysis at Kantar, said: “Inflation is falling at the fastest pace on record, but there is still considerable pressure on consumers’ wallets.
The traditional Christmas dinner is selling well. (Richard Baker via Getty Images)
“Retailers are clearly committed to delivering value for money and gaining recognition from customers during the festive period, and promotions are at the heart of their strategies.”
Tesco, Sainsbury’s, Asda, Morrisons and Waitrose combined accounted for 70% of the market in the quarter to December 24.
The traditional Christmas dinner is selling well. In December 2023, sales of radishes, broccoli and potatoes each increased by about 10% year-on-year.
Sales of chilled gravy increased by 11%, and sales of meat products such as bacon, sausage, ham and turkey increased by 6%.
However, the popularity of mince tarts and Christmas puddings has declined, with sales falling by 4% and 7% respectively.
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