Families are feeling the effects of high food inflation as they are now spending more than £500 per month on food, according to a leading cashback site.
Families are having to spend an annual average of £6,192 on food which is £119 per week or £516 a month, research from TopCashback first How Britain Spends report revealed.
It showed that parents are spending an average of £130 a month on items for packed lunchboxes, a further £243 for home cooked meals and £143 a month on eating out.
The latest figures from the Office for National Statistics (ONS) released last week found that food and non-alcoholic inflation had eased to a still sky-high 13.6% in the year to August.
Falling prices for milk, cheese, fish and vegetables all contributed to the cooling of food prices.
In July, the annual food inflation was 14.6%, whereas in March food and beverage prices were at a 45-year high of 19.2%.
However, the TopCashback study discovered that spending on essential groceries by parents in the UK has accelerated by 46% in the last three months.
The outlay on other necessities has also spiralled, with essential toiletries increasing by 34%.
Families are increasingly stretched
Adam Bullock, UK Director at TopCashback said: “Our research uncovers the extent to which purse strings are being stretched for families across the UK. With thousands of pounds spent each year on food alone and hikes of 46% on average, it’s no wonder that parents feel immense pressure to prioritise their spending and plan for the future.
“While many have cited inflation falling as good news, the true cost of putting food on the table is still astronomically higher for millions.”
He continued: “How Britain Spends also revealed that parents with dependent children under 18 living at home are spending beyond their means for more than a quarter of a year on average, with an average of £179 left in the bank the day before payday.”
“This includes spending almost £2,000 a year on basic clothing and back-to-school items, including school uniform and equipment.
“On top of this, there’s also the cost of keeping the family entertained, with TopCashback’s research revealing that in the last three months, parents spent £130 on average on treats for their children each month, with an additional £126 per month on extracurricular activities and around £113 a month on pocket money.”
He added: “It’s more important than ever to prioritise savvy spending, especially as we head towards costly winter bills and the festive period. While prices for essentials remain high, there are small and simple changes that can help people make the most of their hard-earned money.
“We’d encourage everyone to shop around as much as possible and make use of cashback, loyalty schemes and discount codes at every opportunity. In a time of high inflation, any changes, however small, can make a huge difference.”