Grocery price inflation has reached a record 17.1 per cent to add a potential £811 to annual household shopping bills, figures show.
This month marks a full year since monthly grocery inflation rose beyond 4 per cent as consumers named it their second most important issue behind energy costs and two thirds said they were concerned about food and drink prices, analysts Kantar said.
However cost-of-living pressures failed to dent enthusiasm for Valentine’s Day celebrations this year, with sales of steak up by a quarter in the seven days to February 14 compared to the previous week, sparkling wine sales doubling and shoppers spending an extra £5 million on boxed chocolates.
February also saw sales of cold treatments rising by 82 per cent, cough liquids up 78 per cent and cough lozenges 70 per cent higher.
Kantar said it was closely following the impact of vegetable and fruit shortages on sales in the coming weeks, although it noted that the pack limits introduced by some supermarkets were unlikely to affect consumers as they usually bought fresh items in smaller quantities.
Fraser McKevitt, head of retail and consumer insight at Kantar, said: “Shoppers have been facing sustained price rises for some time now and this February marks a full year since monthly grocery inflation climbed above 4 per cent. This is having a big impact on people’s lives.
“Our latest research shows that grocery price inflation is the second most important financial issue for the public behind energy costs, with two thirds of people concerned by food and drink prices, above public sector strikes and climate change.
“One quarter say they’re struggling financially, versus one in five this time last year. The numbers speak for themselves.”
Aldi’s market share reached a record 9.4 per cent and remains the fastest growing grocer, with sales up by 26.7 per cent.
It was closely followed by Lidl, which increased sales by 25.4 per cent and achieved a market share of 7.1 per cent.
Frozen food specialist Iceland increased its market share to 2.4 per cent, up from 2.3 per cent last year, as spending through its tills increased by 10.8 per cent.
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