No end in sight to higher UK food prices

A shopper in a supermarket in London, Britain. Picture: REUTERSWith the UK wilting under the fastest inflation in three decades, supermarkets are raising prices at an even quicker rate, according to a new analysis prepared for Bloomberg. That’s turning the screws on shoppers who are already grappling with higher gas and heating bills and falling real incomes.

A basket of staples ranging from instant coffee to baked beans climbed more than 13% in price over the past year at Britain’s four largest supermarkets, according to retail research firm Assosia. A box of penne pasta led the way among the 18 items tracked, surging almost 50%. The most recent reading on the consumer price index, for March, shows inflation of 7%. There’s no sign those price pressures will ease any time soon.

The industry’s murky outlook is reflected in the credit market, where investors are keeping their distance from some supermarket debt. Among the three worst performers on Bloomberg’s index of high-yield sterling debt are bonds from Co-Operative Group., which saw a 16% drop in price so far this year, more than double the index’s average.

Changes afoot at two of Britain’s biggest value-orientated supermarkets may also be a harbinger of higher prices as private equity reshapes the industry. Brothers Mohsin and Zuber Issa acquired a majority stake in Asda with buyout firm TDR Capital last year in a £6.8bn transaction. Later in 2021, Clayton Dubilier & Rice purchased Morrison for £7bn.

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