Shoppers across the United Kingdom have reportedly started to stock up on essentials like cooking oil and others as grocery price inflation reaches its highest in over a decade this month.
As per the recent survey by market analyst Kantar, supermarket customers were bracing for the limited stock of some supplies as well as increased prices as the crisis in Ukraine raised public awareness of supply challenges and prices soared.
Cooking oil sales grew 17% in the year ending April 2021, with sunflower oil, the most widely used frying oil in the UK, up 27%, while vegetable oil sales, increased by 40%.
Grocery prices jumped 5.9% in the three months to April 17 in comparison to the same time a year ago, the highest point since December 2011 and the most recent indicator that the living cost issue is putting pressure on household spending.
According to Fraser McKevitt, Kantar's retail and consumer analytics head, the average household faces possible grocery price hikes of £271 per year. A lot of it goes into non-discretionary, daily necessities, which will be hard to cut as budgets tighten. As buyers watch their pennies, a definite flight to value can be witnessed.
McKevitt further stated that last weekend, numerous supermarkets imposed curbs on the purchase of cooking oil as worried customers stocked up on supplies.
Tesco introduced a three-bottle cap per consumer last week, following in the footsteps of Waitrose and Morrisons, who limited purchases to two per customer.
However, once businesses, restaurants, and cafes reopened, sales of things to consume at home decreased.
Only Aldi and Lidl saw a jump in sales, increasing their combined market share to 15.4% from 5.5% a decade ago, as over 1 million more buyers sought a method to counteract rising prices by shopping at discounters.
Aldi's sales increased by over 4%, helping the German retailer achieve its greatest market share ever of 8.8%, as it continues to get on Morrisons, the fourth largest grocery chain in the UK.
With 6.6% of the market, Lidl has surpassed the Co-op to become the sixth-largest retailer.