Rising grocery prices are causing many Britons to forego luxuries in order to keep their grocery bills under control. A new survey from Which? indicates that as many as eight in 10 individuals are concerned about the rising price of food.
The survey also shows that over half of all Britons are concerned about how they can continue to pay for their groceries if food prices increase at their current rate for several years.
Data from the Office for National Statistics largely confirms the concerns of many, showing that the price of food has increased significantly above the rate of general inflation for the last six years.
Food prices have surged ahead of inflation by 12.6 percent, according to the ONS, which has had a major effect on the behaviour of British consumers. Food prices have increased by 3.9 percent in the last year alone, while incomes have increased by just 2.1 percent.
Three quarter of British consumers claim that their income has stayed the same as in previous years, or even deteriorated, during the last twelve months. The surge in food prices now means that three out of 10 people struggle to keep themselves and their families adequately fed.
The rise in food prices has had serious effects on many consumers. Individuals are increasingly turning to payday loans and other high-interest lending options just to make ends meet, with the increasing cost of living spreading many of those on low salaries very thin.
Which? recommends that supermarkets and grocery stores “need to make it easier for consumers to spot the best deal by ensuring pricing is simple.” The group also claims that politicians need to “put consumers at the heart of their economic policies” so that the rising cost of living can be controlled.
