// A drop in the price of staple goods has helped inflation to fall, according to the British Retail Consortium
// Annual shop price inflation dipped 8.4% in June, while food inflation dove 14.6% during the same period
The cheaper price of staple goods has helped inflation to ease in a glimpse of good news for shoppers.
Annual shop price inflation was 8.4% in June, putting it below the 3-month average rate of 8.7%, the British Retail Consortium reports.
Meanwhile, food inflation was 14.6% during the same period, making it the second consecutive drop in the food category.
Fresh and ambient food inflation also slowed during June, while non-food inflation also sat at 5.4%.
NielsenIQ head of retailer and business insight Mike Watkins said: “Whilst prices are still higher than a year ago, the slowdown in food inflation is welcome news for shoppers, helped by supermarkets lowering prices of some staple goods.
“And if global supply chain costs continue to fall, we may now be past the peak of price increases.”
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Last week, Kantar reported that grocery price inflation had dropped to its lowest level this year, at 16.5% for the four weeks to 11 June 2023.
However, this still made this the sixth highest monthly figure since 2008.
The company’s head of retail and consumer insight Fraser McKevitt noted: “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”.
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