The rise equates to £10.25 each week (Picture: Getty)
Shoppers have seen their grocery bills go up at the fastest rate since the global financial crisis as the cost of basic food items continues to surge.
Prices have shot up 11.6%, driven by spikes in the prices of butter, milk, and chicken, according to new data.
Research firm Kantar said this equates to a £533 annual rise in the average UK household’s bill – or £10.25 each week.
The increase over the past four weeks is the fastest since they began keeping tabs in 2008.
As a result, it reported sales of own-label value products increased by almost a fifth as shoppers sought to make savings.
Fraser McKevitt, head of retail and consumer insight at Kantar, said: ‘As predicted, we’ve now hit a new peak in grocery price inflation, with products like butter, milk and poultry in particular seeing some of the biggest jumps.
‘This rise means that the average annual shop is set to increase by a staggering £533, or £10.25 every week, if consumers buy the same products as they did last year.
‘It’s not surprising that we’re seeing shoppers make lifestyle changes to deal with the extra demands on their household budgets.’
How the cost of your shopping has already gone up
The increase is the fastest since 2008, research shows (Picture: Shutterstock/Syda Productions)
It came as overall supermarket sales rose by 2.2% in the 12 weeks to August 7.
Experts said that consumers are now shopping around more and switching supermarkets in response to the cost-of-living crunch.
Lidl was once again the fastest growing supermarket chain, with sales up by 17.9% over the latest 12 weeks.
Rival German discounter Aldi also performed strongly, reporting 14.4% growth, as customers were attracted to the two firms’ cheaper product lines.
Tesco was the strongest performer among the UK’s biggest grocers, reporting 1% growth.
Meanwhile, Asda saw sales increase by 0.2% and Sainsbury’s recorded a 0.1% dip.
The worst performer of the big four was Morrisons, which saw sales decline by 4.9%.
The soaring cost of groceries will pile further pressure on households already feeling the pinch as the cost of living crisis deepens.
Inflation has surged to a 40-year high of 10.1% over the 12 months to July, largely driven by food prices and staples including toilet rolls and toothbrushes.
Meanwhile, UK workers have seen their wages lag behind inflation at record levels over the past quarter, with the ‘real value’ of pay falling by 3% – the biggest slump since records began in 2001.
A new poll has found that two-thirds of the public thinks the Government is not doing enough to help with the crisis.
The survey by Ipsos found that 66% of people think the Government is not providing enough help as rising energy bills surge back into the headlines, while only 28% think current measures are about right or too much.
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These figures represent a worsening of the Government’s position in the eyes of the public since it last announced measures to help households in late May.
The two Tory leadership candidates have faced calls to tackle the cost of living crisis urgently.
Frontrunner Liz Truss and rival Rishi Sunak have been urged to more than double the level of Government support to low-income families to avert a ‘catastrophe’ over the winter.
It came as Sir Keir Starmer unveiled Labour’s £29 billion plan that would freeze the energy price cap at its current level of £1,971 for six months from October, with the aim of saving the average household £1,000.
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