UK Food Inflation Hits Record High with ‘No Peak in Sight’

Grocery price inflation hit another record high of 14.7 percent, adding a potential £682 to the annual cost of a shopping basket.

Sales of supermarket own-label products have jumped by a further 10.3 percent over the past four weeks, according to the latest monthly data from research firm Kantar, The Independent reported.

Sales of the cheapest value ranges grew by 42 percent as people looked to swap out items in their weekly shop with budget alternatives.

Just over a quarter of households (27 percent) say they are struggling financially – double the figure recorded last November, the research firm said.