Outgoing Morrisons boss David Potts has said the worst of food inflation is behind us but warned that vegetables were likely to surge in price ahead of Christmas.
The chief executive told Sky News that he was anticipating a 4% to 6% increase in some prices the run-up to the holidays.
He said that certain products would become more expensive at a faster pace, such as vegetables and salad items.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Potts said: “There’s a bit more inflation coming through on veg, some salad lines, which is partly the erratic weather action that’s been going on in recent times.
“But the trend is very much on the downward side of inflation… we’ve made some further price cuts this week.
“Next week we’re reducing our Christmas basket by £2 year-on-year”.
The grocery boss’ comments come as the latest data from the British Retail Consortium shows the rate of food price rises fell to 8.8% in October, compared to almost 10% in September.
Potts is set to step down from his post this month after nine years at Morrisons.
He is succeeded by Carrefour France boss Rami Baitiéh who joins the supermarket chain this month.
Click here to sign up to Retail Gazette‘s free daily email newsletter
