UK shoppers stockpile cooking oil and other essentials as prices soar

theguardian.com:

UK shoppers have begun to stockpile some essentials such as cooking oil as grocery price inflation hits it highest level in more than a decade in April.

Supermarket shoppers were preparing for limited availability of some goods along with higher prices, as the war in Ukraine increased public awareness of supply pressures and prices rose, according to the latest survey by the market analyst Kantar.

Cooking oil sales increased 17% in April, with sunflower oil – Britain’s most popular choice for frying – up 27% and vegetable oil sales up 40%.

Grocery prices rose 5.9% in the three months to 17 April compared with the same period a year earlier, the highest level since December 2011 and the latest sign that household budgets are coming under mounting pressure from the cost of living crisis.

Fraser McKevitt, the head of retail and consumer insight at Kantar, said the average household is facing potential grocery price increases totalling £271 a year. “A lot of this is going on non-discretionary, everyday essentials which will prove difficult to cut back on as budgets are squeezed. We’re seeing a clear flight to value as shoppers watch their pennies,” McKevitt said.

“Last weekend, several supermarkets introduced restrictions on cooking oil purchases as concerned consumers filled up their cupboards.”

Retailers have begun to react to demand with Tesco introducing a limit of three bottles of oil a customer last week after Morrisons and Waitrose limited purchases to two a person.

Overall, however, sales of items to consume at home fell back as workplaces, cafes and restaurants reopened.

Only Aldi and Lidl increased sales – taking their joint share of the market to 15.4% compared with 5.5% a decade ago – as more than 1 million more shoppers