FOOD PRICES FALL FOR THE FIRST TIME IN TWO YEARS Food inflation is at 6.2% for September
Food prices have fallen for the first time in more than two years after “fierce” competition between supermarkets to bring down shopping bills, according to an industry lobby group.
The British Retail Consortium says food inflation is at 6.2% for September, down from 6.9% in August.
This is below the three-month average rate of 6.8%.
One thing to bear in mind here is that these figures come to us from an industry lobby group – an organisation that is paid for by its members (the supermarkets themselves), whose pricing strategies are behind the fall in food inflation, according to this report. Critics argue that the Supermarket’s policies are also responsible in part for the high food inflation experienced over the last year..
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,” she added.
“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.”