Food prices have fallen for the first time in more than two years amid “fierce competition” between supermarkets to attract customers, a new survey shows.
Monthly grocery inflation slid to -0.1 per cent in September from 0.6 per cent in August, according to the latest shop prices index published by the British Retail Consortium and NielsenIQ.
The battle among supermarkets trying to win over customers with lower prices was identified as the main factor in cutting food prices inflation. Lower costs of raw materials were also being passed on to shoppers, the research found.
On an annual basis, grocery prices jumped by 9.9 per cent, the weakest pace of growth since August 2022. This compared with last August’s figure of 11.5 per cent. Overall
© Times Media Limited 2023.