No fewer than a quarter of British households are struggling with financial problems due to overpriced groceries, writes The Guardian. Compared to 12 months ago, British households are spending around £811 more on groceries a year, a record 17.1% increase.
Rising food prices add to the financial worries of Britons, who were already suffering from skyrocketing energy costs and higher mortgage rates. Discounters such as Aldi and Lidl are benefiting from price hikes as Britons increasingly find their way to chain retailers, according to market research agency Kantar.
Of all the groceries, the price differences are greatest for milk, eggs and margarine. Furthermore, UK private label products have risen in price much faster than branded products: by 13.2% versus 4.6% respectively.
Brexit
Financial problems cannot be seen in isolation from Brexit. The American Bloomberg recently published figures showing that Brexit costs the UK 114 billion euros a year. Also, according to Bloomberg, the economy would have been 4% bigger if Brexit hadn’t taken place.
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
