// Grocery price inflation has dipped to its lowest level this year, at 16.5% for the four weeks to 11 June 2023
// However, this still puts the prices at their sixth highest monthly figure since 2008.
Grocery price inflation has fallen to its lowest level this year, sitting at 16.5% for the four weeks to 11 June 2023 according to Kantar.
Despite the drop, this still makes it the sixth highest monthly figure since 2008.
British take-home grocery sales shot up 10.8% over the month, compared the same period last year.
Kantar head of retail and consumer insight Fraser McKevitt said: “This is the lowest rate of grocery price inflation we’ve seen in 2023, which will be a relief to shoppers and retailers.
“But prices rising at 16.5% isn’t something to celebrate and it’s still the sixth highest monthly figure in the past 15 years.
“Price rises are now being compared to the increasing rate of grocery inflation seen last summer, which means that it should continue to fall in the coming months, a welcome result for everyone.”
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The market research company also found that almost 70% of households are “extremely” or “very worried” about rising food and drink prices.
Of consumers’ biggest five financial concerns, grocery price inflation is the only one they are more worried about now than at the start of 2023.
Rising food and drink prices remains the second highest concern for consumers, after increasing energy bills.
McKevitt explained that shoppers continued to “swerve” the full impact of inflation through tactics like switching to cheapest own label lines and changing their cooking habits.
Back in May, figures from the British Retail Consortium revealed annual food inflation had fallen for the first time in almost two years, dropping from 15.7% to 15.4% that month but it still remained 15% higher year on year.
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