Families are buying more frozen and dried food at the supermarket to cut waste and save money, the Bank of England said yesterday.
A report, based on information from the Bank’s agents around the country, highlights the tricks used by millions as they try to cope with the first double-dip recession since the 1970s.
It said families are ‘ever more focused on obtaining value for money’, with many having already switched to discount shops and cheaper food.
‘As well as trading down to cheaper products, [households are] increasingly switching away from fresh goods to dried and frozen products, to minimise waste,’ the Bank report added.
Cold comfort: Families are buying more frozen and dried food at the supermarket to cut waste and save money, the Bank of England said yesterday
The British Frozen Food Federation said the market has grown every year since the recession began.
Britons spent £5.45billion on frozen food during the year to the end of June, a rise of 6 per cent on the previous 12 months.
Other money-saving tips, identified by the Bank in its 'Agents' summary of Business Conditions', which is published monthly, show older people cashing in their homes.
It said older people are 'downsizing', which means they sell their home and buy a smaller property or one in a cheaper area, in order to release money from the sale.
Source: http://goo.gl/cSz1v
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