Brits 'treat themselves despite the credit crunch'

By Sarah Engle, Mon 4 Aug 2008 - Published in Banking

Despite the fact loans and credit cards are harder to come by in the current economic climate and day-to-day expenses are increasing, Brits still like to treat themselves when it comes to food, according to The Grocer Magazine.

Inflation expert Alex Beckett said although "own label products are doing well" as might be expected during an economic downturn, people are also still shelling out for luxury food goods.

He claimed: "Shoppers seem to want either a treat or a cheap deal."

However, there has been some change in food-buying habits.

Mr Beckett stated sales of "middle of the road" product ranges were falling.

Figures from Defra show food price inflation in the UK was 9.7 per cent, in comparison to overall inflation of 3.8 per cent.

They also revealed the poorest ten per cent of people in the country are currently spending 15 per cent of their income on food, double the percentage being spent by the richest ten per cent.

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