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.