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Published 2 months ago

Food prices see first fall for two years as stores compete

  • Fierce competition between supermarkets has led to the first monthly drop in food prices for more than two years, with prices of dairy goods, margarine, fish, and vegetables all seeing falls. The British Retail Consortium (BRC) reported that overall shop price inflation fell to 6.2% last month, the lowest rate for a year.
  • Despite the high grocery inflation rate of 9.9% in the year to September, down from 11.5% in August, the BRC expected price rises to continue to slow over the rest of the year. The BRC's chief executive, Helen Dickinson, stated that there were still risks to this trend, including high interest rates and climbing oil prices.
  • The recent drop in inflation, which was helped by falling prices for milk, cheese, and vegetables, led the Bank of England to keep interest rates unchanged. Bank governor Andrew Bailey further stated that inflation was expected to continue falling, with signs that higher rates were hurting the economy.
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