Rising food prices a source of stress

As anyone who manages a household budget knows only too well, food prices are on the up, rising over and above general inflation by a massive 12% over the last six years. For already hard-pressed consumers, this is another turn of the screw as the financial squeeze continues to tighten.

It is therefore not surprising then that our latest research shows eight in ten of us are worried about the increasing cost of our groceries. Rocketing costs are causing stress, leaving some wondering how they are going to cope.

With incomes stagnating, nearly half of consumers now say they are spending a larger proportion of their available income on food compared to 12 months ago.

Six in 10 are worried about how they will manage their future spending on groceries if prices continue to rise with four in 10 saying the cost of food is a source of stress. Three in 10 say they struggle to feed themselves or their family because of the cost.

Which? has been tracking how consumers are coping in the current financial climate for more than a year and we find food prices are consistently one of the top three worries alongside energy and fuel. Over the past year food has become the top item that people spend their savings on, overtaking luxuries like holidays and other essentials like household bills and car costs. On top of that, four in 10 say they are likely to cut back spending on food in the next few months.

In this difficult financial environment, the supermarkets need to do their bit by making it much easier for consumers to spot the best deal by ensuring pricing is simple and making special offers good value for money.

And we want to see politicians putting consumers at the heart of their economic policies to tackle the rising cost of living and to support growth and prosperity.

By Which? executive director, Richard Lloyd