27% of households in the UK are struggling financially, with 90% saying energy bills are second only to grocery prices.

(Reuters)

[Financial Channel/Comprehensive Report] Market research firm Kantar said on Tuesday (8th) that the UK grocery inflation rate in October has reached 14.7%, a record high, and it is still fashionable to say that inflation has reached the top morning.

Kantar said British consumers would see their annual grocery bills increase by $785 if they continued to buy the same items, with higher prices for products such as cream, milk and dog food, Reuters reported. The fastest rate, in addition, 27% of British households are in financial distress, double the proportion in November last year.

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Fraser McKevitt, head of Kantar, said: "With nearly 9 in 10 of these 27 per cent of UK households saying that rising food and drink prices are the second main issue after energy bills, it is clear that grocery inflation is hitting people's wallets. Exacerbating domestic inflation concerns."

Businesses are starting to worry about a bleak Christmas ahead, as almost half of households expect to cut back on holiday spending, compared with an inflation-adjusted figure, a separate survey from payments processor Barclaycard and the British Retail Consortium showed on Tuesday. Revenues have also fallen sharply.

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