The typical value of Christmas dinner is anticipated to rise by nearly 10 per cent this 12 months in contrast with final December, as inflation continued to hit family budgets, new information present.
The typical worth of a turkey meal for 4 is anticipated to value about £31 this festive season, based on analysis by Kantar, launched on Tuesday — 9.3 per cent increased than in 2021.
Frozen turkey will value 15 per cent greater than final 12 months, whereas potatoes are up by 20 per cent and parsnips by as a lot as 30 per cent, the info present.
UK grocery worth inflation fell in November however remained near a 14-year excessive as British shoppers continued to grapple with the cost of living crisis within the run-up to the festive season.
The speed dipped by 0.1 share factors final month to 14.6 per cent, Kantar mentioned on Tuesday, representing the primary month-on-month drop since April 2021. The quickest rises worth rises have been in milk, pet food and butter.
Kantar’s figures distinction with a report from the British Retail Consortium, a commerce physique, that confirmed meals costs rose 12.4 per cent final month, towards 11.6 per cent in October.
“Grocery inflation nonetheless has an extended solution to come down,” mentioned Fraser McKevitt, head of retail and client perception at Kantar. “Based mostly on the present charge, consumers should spend an additional £60 in December to purchase the identical objects as final 12 months.”
The info additionally pointed to a possible slowdown within the general inflation charge this month, after UK inflation hit a 41-year excessive of 11.1 per cent in October. The Workplace for Nationwide Statistics will launch its November figures subsequent week.
“If there may be some excellent news, it’s that we’re most likely near a peak in meals worth inflation,” mentioned Paul Dales, chief UK economist at Capital Economics.
“International agricultural commodity costs have declined by 25 per cent in the course of the previous few months,” he mentioned. “It’s only a matter of time earlier than that filters by means of into meals costs.”
Grocery costs have been on the rise for about two years, choosing up velocity following cuts in fuel imports from Russia, as Moscow decreased provides as a part of its invasion of Ukraine, which has pushed up power payments for UK households and companies.
Surging grocery costs are hitting the poorest households hardest, separate ONS information confirmed. Households within the backside 10 per cent by revenue are inclined to spend practically a fifth of their weekly revenue on meals, which is a bigger proportion than that for every other revenue group.