Supermarket prices WILL rise by 5% over the next six months…but this is how to cut costs
Justin King, who ran Sainsbury's for a decade, says we should be ready for inflation to return
SUPERMARKET prices are set to rise by at least 5 per cent in the next six months, the former boss of Sainsbury's has warned.
Justin King, who ran Sainsbury's for a decade until 2014, told the BBC's Newsnight that we should be ready for inflation to return - adding that the drop in the value of the pound following Brexit will affect food prices.
He said: ""Around 40% to 50% of what we buy is sourced abroad in a currency other than the pound, so with the current rates of exchange we could expect those things to be about 10% more expensive.
"And if that's about half of what we buy, then that means something of the order of 5% inflation."
King, who is now vice-chairman for the investment firm Terra Firma, also warned that supermarkets may be so squeezed by resisting price rises while facing increased costs that some may not survive.
Backing his claims, Ian Wright, director-general of the Food and Drink Federation, also told Newsnight he expects prices to increase from 5 to 8 per cent next year.
The warning follows the news that "shrinkflation" is affecting some of the nation's favourite products - as companies have been caught out shrinking packets and altering weights without reducing prices.
Earlier this month, fans of Toblerone were outraged to discover an increased gap between the treat's iconic peaks - while sharing-sized packets of Maltesers and Galaxy Counters, made by Mars, have also reduced in size.
Meanwhile, an investigation by consumer group Which? revealed smaller packets of confectionery, such as Quality Street, can cost twice as much as larger packs.
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But despite the bleak outlook, there are still some simple ways you can make sure you're getting value for money at the supermarket.
Here are our top tips for cutting your food shopping bill.
1. Compare prices
Staying loyal to one supermarket can mean you're robbing yourself of the best deals.
Using a grocery comparison site such as can help you make sure you're getting the most for your money.
The website claimsto save you 30 per cent on every shop - and compares prices at Tesco, Asda, Sainsbury’s Ocado, Waitrose, Aldi, Iceland, M&S, as well as Amazon, Superdrug, Boots, Poundland and Poundstretcher.
Planning your shopping in this way can also help you save - as you're less likely to pick up things that aren't on your list.
2. Switch to own brands
Many people dismiss own brand products, but the reality is they're often just as tasty - and come with a sweet discount, too.
There is a bit of trial and error involved, but some of the items contain the same ingredients and are even made in the same factory as big name brands.
Just last week, Tesco vowed to beat its rivals on thousands of own-brand products - so now is the time to start taking advantage of the price war.
3. Find coupons - and use them
Don't buy something just because you have a coupon for it - but using coupons for items you buy regularly can save you loads of cash.
Whether you cut them from magazines, collect them from supermarkets or print them from websites such as , and , keeping a stash and using them every time you shop can create big savings.
4. Share food to cut waste
We're all guilty of chucking out surplus food - but a new app could help you cut waste by sharing food with people nearby.
Olio connects people who need extra food with people who have surplus via their iPhone or Android app. Once you see something you like the look of, you can simply arrange to collect it.
5. Get the most from your freezer
Cooking meals in big batches is one of the most cost-effective ways to cook - but many of us are unsure what's safe to freeze, and how long it can stay in the freezer.
can help you out when you're planning your meals - and you might be surprised by the number of products which can be frozen.
6. Be wary of special offers
With their big, colourful signs and enticing slogans, it's hard to resist a special offer when you see one in store.
But sometimes supermarkets exaggerate prices to make their offers seem cheaper - and there's no point getting a buy one get one free offer unless it's something that won't go off straight away.
One of the best 'offers' to take advantage of is the 'reduced to clear' section. Learn what time your local shop reduces its prices, and take advantage of perfectly decent cut-price items.
However, as always, don't just buy something because it's cheap - try and incorporate reduced items into your shopping plans so you're not overspending.