Online grocery prices fall for first time since 2021

A new report has found that online grocery costs in the UK fell for the first time since 2021 last month.

New data from Adobe Analytics reports that online grocery prices were 1.2 per cent cheaper in February 2024, when compared with February 2023, representing the first year-over-year price decrease in essential items since October 2021.

The report also found that pet products were 0.5 per cent cheaper than they were a year ago.

A combination of the leap year and increased use of Buy Now Pay Later (BNPL) services saw UK online spending reach £8.8 billion in February 2024, up 5 per cent from the £8.4 billion spent in February 2023. Brits financed £1.38 billion worth of purchases through BNPL services in February, up £120 million year-over-year.

Vivek Pandya, lead analyst, Adobe Digital Insights, said: “While our data shows a 5 per cent uplift in online spend compared with last year, much of this growth can be attributed to the additional shopping day on February 29th and an increase in the use of Buy Now Pay Later services.

“There are, however, some positive signs for shoppers, with Adobe Analytics recording the first year-over-year decrease in prices for grocery and pet products since October 2021.”

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