Food prices in Britain hit record highs – data

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According to new figures released on Tuesday by market researcher Kantar, food inflation in the UK reached a new high of 16.7% in the first four weeks of January; even basics like milk, butter, cheese, eggs, and dog food became significantly more expensive.

According to the report, grocery price growth has reached its peak since the firm began tracking the figures in 2008, adding nearly £800 ($1,000) to the average annual shopping bill and forcing households to change their shopping habits to save money.

“We saw the rate of grocery price inflation dip slightly late last year, but that small sign of relief for consumers was short-lived,” Kantar’s head of retail and consumer insight, Fraser McKevitt, said, noting that the current reading increased by a “staggering” 2.3 percentage points from December’s 14.4%.

According to Kantar, the latest increase will bring the average annual food shopping bill to £5,504 ($6,781), an increase of £788 ($974).

The data comes as British consumers face an even tighter financial squeeze this year as the cost-of-living crisis worsens. Although overall inflation in the UK has begun to fall from its peak in more than four decades, food prices continue to rise, according to economists.