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Highlights
- With the increasing cost, some daily items, such as meat, vegetables etc., are now priced double what they were last year.
- Prime Minister Rishi Sunak is expected to meet the retailers today to discuss the rising food prices issue.
The increasing cost-of-living crisis and the inflation rate have been driving up Britain's consumer prices. With inflation at a high 10.1%, UK consumers have no option but to pay more every time they visit a supermarket.
With the increasing cost, some daily items, such as meat, vegetables etc., are now priced double what they were last year. According to the consumer body Which?, at Britain's one of the biggest retailers, Asda, the price of Morliny Frankfurters increased from an average of £1.25 to £2.42. Similarly, the price of brown onions too went up from 65p to £1.24, representing a 90.8% increase from the previous year.
The consumer body assessed prices from over 26,000 food and drink products of the leading brands. In fact, the supermarkets also own branded items, witnessed a 25% increase in April to the same period. The soaring prices of the in-house branded items indicate how inflation has trickled even into low-income shoppers.
Prime Minister Rishi Sunak is expected to meet the retailers today to discuss the rising food prices. Recently, the ONS concluded that the Consumer Price Index has risen by an annual 10.1%.
Amidst this, Kalkine Media explores some food stocks and how they are faring.
Tesco Plc (LON: TSCO)
Tesco Plc is one of the famous supermarket chain in the country. It caters to millions of households with its brick-and-mortar and online stores. Tesco plc was enjoying market cap of £19,954.56. The stock has given its shareholders returns of 21.77% on a YTD basis and -2.92% on a one-year basis.
Tesco plc stock on 16 May was trading at GBX 272.20 and was below -0.37% at the time of writing.
Associated British Foods Plc (LON: ABF)
Leading food processing firm, ABF, which operates in over 50 nations. Another FTSE-100 constituent held a market cap of £14,818.62 million. The ABF, contrastingly to its competitors, was witnessing a 0.60% rise and was trading at GBX 1917.00 on 16 May. The Associated British Foods Plc stock has given its investors positive returns of 14.80% and 21.54% on a one-year and a YTD basis. The Associated British Foods held an EPS of 0.89, and the turnover (on book) is £1,935,876.12.
J Sainsbury Plc (LON: SBRY)
The FTSE-100 constituent J Sainsbury is a London-based retailer with a market cap of £6,782.89 million. The stock, too, was feeling the heat of the rising cost of living crisis as it was down by -0.17% and was trading at GBX 287.00. It has given its shareholders returns of 20.14% and 31.74% on a one-year and YTD basis.
