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Highlights
- In April, the grocery price inflation reached its highest level in over a decade.
- As compared to the April 2021 level, the sales of cooking oil have gone up by 17% over the year.
- Various supermarket chains, like Tesco, have been rationing the purchase of cooking oil lately.
Grocery price inflation in the UK has been hitting the roof lately. In April, the grocery price inflation reached its highest level in over a decade. Due to soaring prices, shoppers in the UK have been hoarding some important items, like cooking oil.
As per a recent survey carried out by the market analyst Kantar, the escalation of the Russia-Ukraine crisis has motivated the UK supermarket shoppers to stockpile some products whose prices would potentially soar due to restricted availability amid the supply chain constraints.
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As compared to the April 2021 level, the sales of cooking oil have gone up by 17% over the year. The sales of the most popular frying oil in Britain, sunflower oil, have soared by 27%, while the sales of vegetable oil have increased by 40%.
In the three months to 17 April, there has been an increase of 5.9% in the grocery prices as compared to last year, representing that the cost-of-living crisis is spiralling in the country. Grocery prices haven’t been this high in the country since December 2011.
Various supermarket chains, like Tesco, have been putting restrictions on the purchase of cooking oil lately. Here are 3 supermarket stocks that investors can keep an eye on amid soaring grocery prices.
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Tesco plc (LON: TSCO)
The shares of the leading UK-based retailer of groceries and general merchandise, Tesco plc, were up by 0.56% as the market opened at around 8:00 AM (GMT+1) on 27 April 2022, at GBX 271.70. The company, which is a constituent of the FTSE 100 index, has given its shareholders a return of 21.81% over the last one year as of 27 April 2022. The current market cap of the company stands at £20,602.98 million.
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J Sainsbury plc (LON: SBRY)
The shares of the second biggest chain of supermarkets in the UK, J Sainsbury plc, were down by 0.50% as the market opened at around 8:00 AM (GMT+1) on 27 April 2022, at GBX 239.00. The company, which is a constituent of the FTSE 100 index, has given its shareholders a return of 1.69% over the last one year as of 27 April 2022. The current market cap of the company stands at £5,612.61 million.
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Ocado Group plc (LON: OCDO)
The shares of the UK-based globally operating online grocery retailer, Ocado Group plc, were down by 0.06% as the market opened at around 8:00 AM (GMT+1) on 27 April 2022, at GBX 947.60. The company, which is a constituent of the FTSE 100 index, has given its shareholders a negative return of -56.87% over the last one year as of 27 April 2022. The current market cap of the company stands at £7,141.37 million.
Tags: grocery price inflation, supermarkets, cooking oil, war, supply chain, Tesco, J Sainsbury, Ocado, FTSE 100 index
