Debt-strapped Brits hit by surging food prices
Debt-strapped Brits hit by surging food prices
Friday 30th May 2008
According to a study conducted by research group Verdict, the cost of the average supermarket food shop at the end of May is 5.8 per cent higher than it had been at the start of 2008.
The most marked increases have been for fruit and vegetables which have soared by 16 per cent, Verdict said, after comparing prices for 100 items found in a typical shopping basket.
According to Neil Saunders, consulting director of Verdict, the increases are being felt most keenly by low income groups because they typically spend a higher proportion of their income on food than high earners.
News of increasing pressure on consumers' finances comes as a poll from Alliance & Leicester found that over the last year seven per cent of consumers have opted for a debt consolidation loan while 12 per cent have switched card provider to enable them to manage their credit card debt.
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