Meals worth inflation in the UK has slowed to its lowest stage this yr in step with a lower within the costs of oils, fish, and breakfast cereals, BBC reported.
Inflation within the month of July slowed by 13.4% as in comparison with 14.6% in June, as per the British Retail Consortium (BRC) and NielsenIQ retail analysts.
Nevertheless, the store costs are nonetheless 7.6% greater this month as in comparison with final yr’s numbers.
“These figures give trigger for optimism, however additional provide chain points might add to enter prices for retailers within the months forward,” stated BRC chief Helen Dickinson.
“Russia’s withdrawal from the Black Sea Grain initiative and subsequent focusing on of Ukrainian grain amenities, in addition to rice export restrictions from India are darkish clouds on the horizon.
“We count on some world commodity costs to rise once more because of this, and meals costs can be slower to fall,” she stated.
That is the third consecutive month by which inflation slowed down whereas the bottom stage of meals inflation since December final yr, in line with the BRC commerce physique.
NielsenIQ’s Head of Retailer and Enterprise Perception, Mike Watkins, admitted an enchancment within the outlook.
“Buyers proceed to vary how they store as a part of their coping methods,” he stated.
“This contains purchasing at totally different retailers, shopping for decrease priced objects, delaying spend or solely shopping for when there are promotions.”
Inflation was hovering within the final yr as a result of a rise in meals and power payments.