Kantar has revealed grocery prices in the four weeks to 19 February rose 17.1% from this time last year – the highest rate since its records began in 2008.
Editor-in-Chief of Finance.co.uk, Laura Rettie:
“The constant increase in food prices has had a devastating effect on household finances over the past year. After energy bills, food is the next biggest concern for family budgets. It’s worrying that food prices in this country aren’t regulated. We know it’s not the farmers who are hiking food prices – so who’s looking at the supermarkets and what they’re choosing to charge?
“It’s not good enough that certain supermarkets have such a large share of the market – the government desperately needs to review how food prices are managed in this country – a 17% rise in a year? Something is fundamentally wrong”.
The team at Finance.co.uk have shared with ATV Today Lifestyle their top tips on how to save money on grocery shopping where possible.
Sticking to a food budget is essential to make sure you have enough money left over to cover the rest of your monthly bills.
Planning your meals means you’ll create a shopping list that only includes the items you actually need; helping to avoid impulse purchases that can soon add up.
Swap where you shop
Supermarkets like Lidl and Aldi can help you to save a significant amount of money. Studies have proven they can help you save up to half of what you’d normally pay.
Don’t shop hungry
Eat before you do your food shop. Shopping when you’re hungry will typically make you buy larger quantities of food and your hungry hormones will lead you to buy more processed junk foods.
Use those loyalty cards
Loyalty card schemes can slash the cost of your food shop. If you use different supermarkets, it’s worth signing up for all the loyalty card schemes to make the most of their promotions.
Time your shop right
If an item is about to expire, supermarkets will lower the price significantly. The best time to grab these bargains is typically between 6pm and 8pm.
Swap branded items
If you have kids, have fun with it and try a blind taste test, getting them to pick the brand they prefer. You might be surprised by how many branded items are mistaken with the cheaper alternative.
Shop at your local market for fresh fruit and veg
Buying local can reduce pollution and wasteful packaging, save you money and you’re doing a good thing by supporting your local independent traders.
Buy in bulk
It’s often cheaper to purchase items in larger packets because it reduces the cost of packaging and transportation, plus it’s cheaper for retailers to buy bulk items from manufacturers, passing the savings on to you.
Buy long life goods
Stocking up on long-life products when they’re on offer can be another great way to save money. Take advantage of multi-buy or discounted offers as much as you can, but only if they’re something you need, or would typically purchase anyway.
Grow your own
If you have a garden, you could save money by growing your own fruit and vegetables. Whilst there’s no denying that growing your own produce can take a lot of patience and skill, there are some that are easy to grow, such as potatoes and apples.