Food price inflation hit a record 16.7% in the four weeks to January 22 – the highest level since Kantar began keeping records back in 2008 – adding an extra £788 to UK consumers’ annual shopping bills. 

Kantar head of retail and consumer insight Fraser McKevitt said: “Late last year, we saw the rate of grocery price inflation dip slightly, but that small sign of relief for consumers has been short-lived. Grocery price inflation jumped a staggering 2.3 percentage points this month to 16.7%, flying past the previous high we recorded in October 2022. Households will now face an extra £788 on their annual shopping bills if they don’t change their behaviour to cut costs.”