Food prices skyrocketing again!

There’s no 9% reduction.

profits are as follows:
2022: £0.88 billion
2023: £1.8 billion
2024: £2.8 billion

If Tesco had absorbed the NI increase the profit for 2024 would have been £2.55 billion.

Thats still a year increase of 41.6%

This is corporate greed.

I've never noticed it more than in these last 2 weeks

It's really hard to get cheap food now, it just is.

Before Xmas in Tesco, I got a pack of 60p choccy digestives, and a little 30p carton of pineapple juice.

The same products this week are 95p and 50p. I put them both back on the shelves.

My salary has gone down not up this year so it's just shit

But their total sales are £30 billion.

They could sell everything at cost, and it would make hardly any difference to the price of individual items or the amount of your weekly shop.

Butter would be 5 p cheaper.

A pack of meat about 10 p

Washing powder maybe 20 p

If you spend £150 pw, it would go down to about £145

It wouldn't take much of a shift in their costs for them to lose a £ billion rather than make that amount of profit.

The financial illiteracy on this thread is strong….

Supermarkets work on single digit margins - it is not highly profitable

Sainsbury's are on track for £1 billion in profits this year.

Most suppliers increase prices in January. Many haven't increased prices to fully reflect their higher costs for a few years now so we'll seeing higher than current inflation rises in some of the supply chain.

But I don't think it's across the board. I just had a look at 3 previous shops from Tesco. 10/12, 29/12 and 17/01. The only item that has increased in price was Cravendale milk has gone up 25p per pint. Pretty much all the other items are the same price.

Yep. I've just dashed out to collect a Tesco order and stood there for ages checking my list because it wasn't a big shop, 4 bags plus a couple of boxes of diet coke, and it was £82. I thought they must have missed out a whole tray but no.

No alcohol either, but I did buy about 4 meat items - only stuff like mince and sausages though, not fillet steak! The lady manning the collection point said that size shop should be about £50, shouldn't it? Yup. I'm noticing it going up even more since Christmas, too, although that may be down to pre-xmas reductions I guess. It's ludicrous.

They're taking the fucking piss.

I've been obsessed with them since I was about 8. 30 years of eating crème eggs and I've decided this is my last year. At this rate they'll be a pound a pop soon.

A box of five is like £4!!! They are half the size they used to be. Bollocks

Yes. Sainsbury's 20% mince has gone up to £2.70. Still said £2.49 on the ticket but had gone up on the till.

If goods and services were going up across the board by 50% in a year there would be issues

But inflation ( not a cherry picked item ) is somewhat lower than that so stop panicking

But if you want to avoid hyperinflation at some point you have to take the pain of climate change prevention now

Mumsnet is a funny place. So pro farmer and UK food production until it comes to paying a realistic amount for the food they produce.

I have to disagree with this. We self cater in Portugal, Spain and Mallorca and in all of these places, we have noticed how much cheaper we are buying groceries for. At a large Carrefour in Palma, we shop like actual kings - we eat in for most meals while on holiday here (staying in a property pretty in the middle of nowhere). Because of this, we don't skimp and really go to town with our favourite foods and drinks for the week. This includes several bottles of wine, champagne, local spirits and mixers (none of which we ever buy at home, except at Christmas), and more luxurious desserts etc. than we'd ever have at home. Yet we still seem to end up spending the same or even less than we do on a weekly shop in the UK. It's quite incredible, and combined with the beautiful weather, makes a compelling case for wanting out of here!

You’re keen to tell me this level of inflation doesn’t hit hyperinflation parameters so I’m interested to hear if you think goods and services going up by 50% and continuing to rise is good for this country?

They won't 'get rid of people earning over £5k pa'?

That's less than 8 hours pw from April so they'll need to deal with huge numbers of people doing not even one shift a week each, which will be far harder to manage efficiently than a smaller number of people working more hours. Plus people will be more likely work for competitors, which they probably won't like.

If you only have to work for Tesco on a Monday, you'd be free to work for Asda or any other supermarket on other days.

@EvangelicalAboutButteredToast That's a completely different question. Whether or not I find price rises acceptable (no-one likes them, but I understand the reasons behind them) it's still not the case that we're suffering hyperinflation in the UK and it's ridiculous to compare here with countries like Venezula and Egypt where you need two great stacks of money to buy a kilo of meat.

Yes but many super markets workers only worked a few hours each week and up until April employers didn't have to pay NI on workers who only earned very little in a year but now RR has made it so employers have to pay NI on anyone earning over £5k a year so basically employers are getting rid of a lot of workers or cutting their hours to now keep them under £5k a year whereas in the past they could earn maybe £10k (not exact figure) without paying NI. The more it costs employers to employ staff the more prices will go up so yes thank RR for that.

So this level of inflation is acceptable to you?

That 'set time period' being 30 days and the increases being sustained, not once or twice so the price doubles in a few years.

https://www.bbc.co.uk/news/business-45523636

Hyperinflation is goods rising over 50% in a set time period. I am literally looking at goods having risen over 50% since Covid.

@EvangelicalAboutButteredToast do you even know what hyperinflation is?

Prices rising rapidly day to day. Devaluation of money such that your salary is worthless by the end of the month. Reprinting of money with ever increasing numbers of zeros. Inflation rates in the thousands.

I know prices have increased more than people have been used to in the last few years, but do you actually think we've had hyperinflation in the UK?

but you're still pro Labour? why? who do you see benefitting from having them apart from public sector employees? but even they will be penalised by high inflation and so not such a massive win?

You think since Covid we haven’t been in a period of hyperinflation?

I'm too lazy to find it now, but in June in pre-election debates here on MN I shared my view that voting in Labour will lead to Reform win in 2029. I stand by this point

YANBU. Prices are going up.

We don’t have hyperinflation. It’s about 2.5% currently, which is nowhere near the level for hyperinflation. There are countries at a lot of risk of it (Egypt for example where the rate of inflation is closer to 25% currently).
Yes things are more expensive and it’s hard for people but this is surely just hyperbole.