U.K. food and shop prices have seen a decrease over this past month, giving a sense of hope towards the ongoing cost of living crisis.
Latest data shows price cuts in dairy, fish, and vegetable products have been visible on supermarket shelves this past month.
Overall, food inflation slowed down to 9.9 percent in September from 11.5 percent in August and continues to make significant progress in the following months.
Publics Thoughts:
Though this is promising news for British citizens, some are still not pleased exclaiming that prices “increase far more quickly than they decrease” highlighting how long it has taken for prices to start to fall.
TikTok food policy expert, Gavin Wren, has spoken on the recent drop in food prices, exclaiming the benefits to the public. However there is a different attitude within the comments section stating “I don’t trust them to lower” labeling the low level of trust between citizens and supermarkets.
A member of the public projects her frustration by saying “the cost of food shopping. That has just gone up by a stupid amount” like the majority of the U.K. This is mirrored in Politico’s Public First poll showing that 94 percent of the British public express anxiety about rising food prices.
Official Reports:
The British Retail Consortium (BRC) has produced a press release displaying the overall food inflation has slowed in various sectors including fresh food, shop price, and ambient food.
Helen Dickinson, Chief Executive of the BRC announced that “food prices dropped on the previous month (September) for the first time in over two years because of fierce competition between retailers”.
Adding that the trade body generally expects “shop price inflation to continue to fall over the rest of the year” bringing peace of mind to the U.K.’s shoppers.
U.K. supermarkets confirm a waging war to drive down prices as the era of food inflation descents. Tesco has confirmed that they are reducing the cost of some five hundred “essentials” due to the new focus on the fight to offer the most appealing prices.
Too Much Too Soon?
Though there is an evident decrease in both food and non-food items in the U.K. “there are still many risks to this trend” stated the BRC.
Global shortages of sugar and climbing oil prices still remain dominant and are still progressing despite the fall in supermarket prices.
Mike Watkins, Head of Retailer and Business Insight at NielsenIQ, urges the importance of “retail sales to keep momentum which means we can expect more price cuts” benefitting the U.K. population as a whole.
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