Annual grocery bills jump by €941 as inflation hits new record

Households now making smaller shopping trips to try and manage budgets

Shoppers spent an extra €13.3m on supermarkets' own-label value ranges as they try to save money.

Irish grocery prices have hit another record high increasing by 13.4% new figures show.

It means the average annual grocery bill will increase by €941 to €7,960 for households already facing surging energy bills.

Figures from Kantar show shoppers spent an additional €115m in supermarkets in the last 12 weeks to the end of October. At a basket level, inflation has added an extra €3.80 on top of the cost of the average shopping trip, which currently stands at €28.20. 

“As food and drink prices continue to climb alongside a rise in household bills, the impact on shoppers’ budgets is unavoidable for many Irish consumers," Emer Healy, Senior Retail Analyst at Kantar said.

"With inflation standing at 13.4% for October, the average annual grocery bill will go from €7,019 to €7,960 – an increase of €941 a year if consumers don’t make changes to what they buy and where they shop."

The figures also show inflation impacting the way consumers shop in Ireland with households looking to manage budgets through a ‘little and often’ approach to shopping. 

"On average, families are adding one extra trip per month, we’re seeing a 9% increase in these smaller trips where less than €30 is spent," Ms Healy said. "In comparison, the extra-large shopping trips where households spend more than €150 have declined by 4%.”

Sales of own-label products in supermarkets jumped 9.4% over the latest 12 weeks with shoppers spending an additional €115m year-on-year. 

Own label now accounts for almost half (46%) of the overall grocery market in Ireland. Value own label ranges saw the strongest growth, up 27% with shoppers spending €13.3m more year-on-year.