The average household spend on food and drink is expected to rise by £275 this year, with shoppers pushed to buy cheaper groceries. 

Food prices have risen by 5.2% over the past month compared to last year as concern about the cost of shopping has accelerated, according to Worldpanel by Numerator. 

The market researcher said shoppers are changing their habits to buying own-brand goods or are preparing simpler meals at homes to cut costs. 

Fraser McKevitt, Worldpanel's head of retail and consumer insight, warned prices are "back up on the rollercoaster" seen after Russia invaded Ukraine in 2022.

On average, UK households spend around £5,283 for a year on groceries but this could increase by £275 unless people change what they buy, said Worldpanel.

FTSE 100

The UK's flagship share index, the FTSE 100, was up 63-points at 9,060 shortly after opening this morning.

Brent crude oil futures were down 0.45% at $66.85 a barrel.

Companies reporting today 

Alphabet* - Q2 Results

Breedon Group - Half Year Results

Hochschild Mining - Q2 Production Results

Informa - Half Year Results

J D Wetherspoon* - Full Year Trading Statement

Tesla* - Q2 Results

More like this…

View all