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Food inflation has slowed to its lowest rate since May 2022 amid falling energy and fertilizer costs and fierce competition among retailers, figures reveal.
Food prices were 5 percent higher than a year ago in February, a sharp drop from 6.1 percent in January and below the three-month average of 6 percent, according to data from the British Retail Consortium. (BRC)-Nielsen Shop Price Index. .
Falling meat, fish and fruit prices helped fuel a slowdown in fresh food inflation to 3.4 percent from 4.9 percent in January, well below the country’s three-month average. 4.6 percent and the lowest since February 2022.
Headline business price inflation slowed to 2.5 percent, down from 2.9 percent in January, its lowest rate since March 2022.
Declining inflation: Food prices were 5% higher than a year ago in February, a sharp drop from 6.1% in January and below the three-month average of 6%.
Non-food inflation was unchanged at 1.3 percent, balanced by rising prices for furniture, electrical goods and health and beauty products, while clothing fell as many Retailers held promotions to encourage spending.
BRC chief executive Helen Dickinson said: “There was good news for consumers as in-store price inflation fell to its lowest rate for almost two years.”
“Relieving supply chain pressures have begun to impact food prices, but significant uncertainties remain as geopolitical tensions rise.”
Mike Watkins, chief commercial and retail insights officer at data provider Nielsen IQ, said “the underlying price trend will be downward in the coming months.”
And he adds: “Since the beginning of the year, especially food retailers have reduced prices.”