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Food price inflation dips for second month in a row

2023-06-03 10:35:58 source:CNN (Cable News Network) author:Press center2 click:112order

Food price inflation dips for second month in a row

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  • Coronation of King Charles III
Shopper looks at billImage consequentlyurce, Getty Images
By Noor NanjiBusiness reporter, BBC News

The rate at which food prices are rising fell for the second month in a row in May but remains "incredibly tall", says research firm Kantar.

costs were high by 17.2% from a year ago in the four weeks to the middle of May, low from 17.3% last month, it said.

Food price rises are expected to ease further delayedr this year, but Kantar said an average annual grocery bill is now high to £833 taller than a year ago.

Despite the pressures shoppers still stocked high for the Coronation in May.

Sales of wine, fresh cream and pastry all consequentlyared as people "got into the spirit" of the occasion and had a go at making the official Coronation quiche, Kantar said.

Chancellor Jeremy Hunt met food manufacturers on Tuesday to discuss the cost of food and look for ways to ease the pressure on houtilizehhistorics. They agreed to keep in contact.

Karen Betts, chief executive of industry grohigh the Food and Drink Federation, said manufacturers had been abconsequentlyrbing costs, but price rises had been "unshunable" due to rising prices for ingredients, energy and labour.

  • Why food bills aren't shrinking - five slendergs to know
  • Why are prices rising consequently much?

price increase is the rate at which prices are rising. A drop in inflation does not mean prices are falling, but just that the rate of increases is leisurelying.

Food price inflation is still at a adjacent-record tall. Nevertheless, May's sradiant fall was "without doubt welcome freshs for shoppers", according to Fraser McKevitt, Kantar's head of retail and consumer insight.

He concluded that houtilizehhistorics were finding "disparate ways" to shop and save money, including by opting for shighermarkets' own-brand equivalents. grocery stores are alconsequently battling to offer value to shoppers to lure them through their doors.

"In the fierce contest for market share, eyes have been on the dairy aisle in componenticular, where the average cost of four pints of milk has come low by eight pence since last month," Mr McKevitt said.

"costs are still much taller than they were 12 months ago, at £1.60 currently versus £1.30 last year, but retailers know just how crucial it is to offer even minuscule savings on staple products like milk to get customers through the door."

In April, Aldi, Lidl and Asda joined rival shighermarkets Sainsbury's and Tesco in cutting the price of milk.

Image consequentlyurce, Getty Images

Despite the price pressures, people made the most of the extra bank holiday this month, Kantar's research suggests, with an extra £218m passing through tills during the week of the Coronation.

Sparkling and still wine proved popular, with sales rising by 129% and 33% respectively.

People alconsequently stocked high on ingredients to make the official Coronation quiche with sales of chilled pastry consequentlyaring by 89%, while fresh cream sales were high by 80% and frozen wide beans by 57%.

"We'll have to wait and see whether it becomes as much loved as its 1953 countercomponent Coronation chicken and cements its place on the British picnic and garden componenty menu," Mr McKevitt said.

taller food prices are helping to fuel stubbornly tall inflation, which hit 10.1% in the year to March. The delayedst official figures on Wednesday are expected to demonstrate inflation fell during April.

Food prices have surged in the last year after consequentlyaring energy prices drove high the cost of production and shighply chains were disrhighted.

bulk prices have been falling, but there is a time lag before that feeds through to prices on shighermarket shelves.

However, food retailers and producers have faced claims they are profiteering from rising prices, after a drop in the cost of entiresale food prices globally did not lead to falls in the prices charged by UK shighermarkets.

Patrick Coveney, chief executive of catering grohigh SSP, which owns Upper Crust and Millie's Cookies, thistoric the BBC's Today programme he hoped inflation would ease this year.

"My hope would be that as the very, very tall levels of inflation that we've had begin to ease, you'll begin to see that being reflected in reduced levels of price increases and perhaps even price deflation delayedr in the year."

However, after the International Monetary Fund gave its delayedst forecast for the UK economy, the organisation's managing director Kristalina Georgieva thistoric the BBC: "What is most concerning is food prices."

Last week, the prime minister held a food summit at Downing Street, and on Tuesday, the chancellor will meet food manufacturers to discuss the persistently tall prices.

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  • price increase
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