CHRISTMAS SPENDING IS set to reach record levels this year amid equally record-breaking grocery inflation.

Latest figures from Kantar reveal that grocery price inflation has hit 14.7%, the highest level since Kantar started tracking the figures and higher than the UK’s grocery inflation levels.

The findings are based on data for the 12 week period to 27 November and inflation for this period is up 14.7% when compared to the same 12-week period last year.

It means Irish shoppers spent an additional €132 million when compared to last year.

Meanwhile, Kantar says rising inflation and festive spending means that grocery sales in December will hit €1.25 billion for the first time, with 23 December predicted to be the busiest day for pre-Christmas shopping.

Elsewhere, the cost of a traditional Christmas dinner for four had hit €41.58, up 7.9% on last year.

Kantar data also reveals that sales of own label brands grew by 9.6% in the past 12 weeks.

Value own label ranges have seen the strongest growth, up 29% in the past year, while sales of premium own label ranges grew 5.1%.

Emer Healy is a Senior Retail Analyst with Kantar.

She said “the impact on shopper budgets is unavoidable for many people”.

With inflation as 14.7%, she noted that the “average annual grocery bill is set to rise from €7,037 to €8,071, an extra €1,034 a year”.

However, Healy adds that shoppers are still stocking up on festive favourites despite inflationary and other pressures.

“In the latest 12 weeks, they spent an additional €1.2m on gifting and chocolate boxes, €3.5m

more on savoury snacking, and €617,000 on mince pies,” said Healy.

But she noted that “not all festive favourites are proving popular, with shoppers spending €189,000 less on brussel sprouts”.