British households feel more pressure as grocery prices increase 1.7%
October 12, 2021, 7:01 am

British households feel more pressure as grocery prices increase 1.7%

Grocery store-Market/Pixabay

The US News reported according to Reuters, market researcher Kantar said on Tuesday, British grocery prices increased 1.7% in the four weeks to Oct. 3 year-on-year, adding to pressure on households already facing soaring energy bills.

With inflationary pressures mounting in the British economy, one Bank of England policymaker on Saturday told households to get ready for early interest rate rises.

A survey published on Monday by pollsters YouGov and consultancy CEBR meanwhile said consumer confidence has fallen to a five-month low.

Kantar said prices are rising fastest in markets such as savoury snacks, cat food and crisps while falling in fresh bacon and vegetables.

Fraser McKevitt, head of retail and consumer insight at Kantar, said: "In real world terms, the average household had to spend an extra 5.94 pounds ($8.08) on groceries last month than they did at the same time last year."

UK-Norwich city-Market/Pixabay

"The typical household spends 4,726 pounds per year in the supermarkets, so any future price rises will quickly add up."

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Kantar first reported grocery prices starting to rise again in August. They rose 1.3% in its September report.

However, Tesco, Britain's biggest supermarket group, said last week that its prices were still falling.

Kantar said UK grocery sales fell 1.2% year-on-year in the 12 weeks to Oct. 3, but were higher than pre-pandemic times - up 8.1% compared with the same period in 2019.

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It noted that some shoppers' minds are starting to turn to Christmas, with sales of Christmas puddings up 76% year-on-year in the latest four weeks, sales of toys up 5% and sales of gift wrapping products up 10%.

McKevitt said: "It's important to say, however, that these are still relatively small numbers and anxiety around supply issues has not translated to panic buying – festive or otherwise."

Source: usnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”