Pasta, pet food and nappy prices jump by up to 8% as shoppers stockpile essentials
SUPERMARKET prices for the most in-demand products have jumped by up to 8 per cent over the past month, according to new figures.
The data published by the Office for National Statistics (ONS) shows the early signs of the rising living costs households face as a result of the coronavirus crisis.
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Overall, prices for high-demand products increased by 4.4 per cent since before lockdown began and by 1.8 per cent over the past week alone.
It comes after the British Retail Consortium (BRC) reported a 4.3 per cent drop in sales across the industry as a whole in March - the worst since records began in 1995.
As a result, hundreds of thousands of retail workers risk losing their jobs as the UK high street experiences the worst decline in sales in 25 years.
The greatest price increase was seen on pet food, which has risen by 8.4 per cent over the past month, followed by rice which increased by 5.8 per cent.
The ONS figures show that the price of nappies rose by 3.4 per cent since before lockdown began, while antibacterial surface wipes and hand wash went up by 3.3 per cent and 2.8 per cent respectively.
The data looks at online prices but the independent researchers warned that the figures are "experimental" as prices can change drastically from one week to the next.
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Some product prices dropped during the same period - pasta sauces saw the biggest cost decrease by dropping 4.5 per cent.
Baby food prices fell by 4.1 per cent while dried pasta prices were slashed by 3.3 per cent.
The ONS added that food prices in general had been relatively stable between March 16 when lockdown began until April 12.
This is partly due to the warning issued by the competitions watchdog that it would fine retailers who used the pandemic to push up prices.
It was in response to severe panic buyers and stockpilers that cleared supermarket shelves of toilet roll and dried foods in anticipation of a lockdown.
The ONS warned that the figures shouldn't be directly compared to the government's annual inflation target it sets for the Bank of England, which is currently 2 percent.
This is because it is based on a much broader set of goods and services, such as household bills like gas and electricity.
But the research could show the first signs of a squeeze on household finances as a result of the pandemic.
A quarter of UK firms have temporarily closed or stopped operating due to the outbreak in a bid to keep staff and customers safe by encouraging them to stay at home.
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Millions of workers have been asked by employers to take a pay cut or be furloughed.
Earlier this week, the Office for Budget Responsibility predicted than the three-months lockdown could leave two million Brits unemployed and a 35 per cent fall to GDP.
Chancellor Rishi Sunak has said it is "not surprising" that the UK is facing its biggest economic slump in 300 years - as this has never been seen before.