Grocery price inflation has seen its steepest decline since inflation peaked in March of this year as supermarket promotions pick up, but remains “incredibly high”, said Fraser McKevitt, head of retail and consumer insight at market researcher Kantar.
Food price growth fell 1.6 percentage points to 14.9% in the four weeks to 9 July 2023, according to the latest data from Kantar. Grocery sales over the same period grew by 10.4% compared with 12 months ago. This marks the fourth month in a row that grocery inflation has fallen, after hitting a high of 17.5% in March. UK GDP dips 0.1% in May Kantar's McKevitt said the data would be "good news for many households although, of course, the rate is still incredibly high". The change comes as spending on promotions has gone up for the first time in two years, now accounting for just ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
