-NielsenIQ Shop Price Index. This is the lowest it has been since August of the previous year. The BRC attributes this decline to intense competition among retailers, along with easing cost pressures as inflation has fallen. Consumers who purchased dairy products, margarine, fish, and vegetables typically own-brand lines would have noticed lower prices than those in August. Households also benefited from cheaper school uniforms and other classroom essentials. Fresh food prices are now 9.6% higher than they were a year ago, down from 11.6% last month, marking its lowest rate since July of the previous year. Overall shop price annual inflation also saw a further slowdown to 6.2%, down from August's 6.9%. This is the lowest it has been since September of the previous year. Helen Dickinson, BRC chief executive, said: "We expect shop price inflation to continue to fall over the rest of the year. However there are still many risks to this trend high interest rates, climbing oil prices, global shortages of sugar, as well as the supply chain disruption from the war in Ukraine. "Retailers will continue to do all they can to support their customers and bring prices down, especially as households face being squeezed by higher energy and mortgage bills." Mike Watkins, head of retailer and business insight at NielsenIQ, said: "With further price cuts by supermarkets in recent weeks, food inflation continues to slow, which is good news. However there continues to be pressure on budgets with over half of households still feelin){kind=link}
Food prices have fallen on the previous month for the first time in more than two years, bringing grocery inflation down to single digits, according to latest figures
Food prices have fallen on the previous month for the first time in more than two years, in what will be welcome relief for supermarket shoppers.
The cost of an average food basket fell by 0.1% in September compared with the previous month, according to the British Retail Consortium (BRC)-NielsenIQ Shop Price Index. Overall food inflation slowed down to 9.9% in September, marking a significant drop from 11.5% in August. This is the lowest food inflation has been since August of the previous year.
The BRC attributes the decline to intense competition among retailers, along with easing cost pressures as inflation has fallen. Consumers who purchased dairy products, margarine, fish, and vegetables typically own-brand lines would have noticed lower prices than those in August.
Households also benefited from cheaper school uniforms and other classroom essentials. Fresh food prices are now 9.6% higher than they were a year ago, down from 11.6% last month, marking its lowest rate since July of the previous year.