Food inflation at record high of 15 percent

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Food inflation has reached a staggering 15 percent, largely caused by high manufacturing costs, supply shortages, as well as the rising cost of sugar.  

Consumers are having to spend more on less and cut back on items wherever they can, which means sticking to essential shopping, buying own-brand versions of popular products, and shopping more at discount stores.  

Amid the cost-of-living crisis, all retailers are focused on price and value. As consumers’ purse strings continue to feel the squeeze, this price differentiation will continue to be key. However, retailers mustn’t lose sight of other ways to win over customers. Having a strong digital strategy is crucial to survive this trying period, especially with further store closures likely to be announced by brands in the coming months.