Food price inflation slows in UK, but remains near historic highs

A Marks & Spencer outlet in the U.K.

U.K. food prices rose 14.6 percent in June 2023, down from 15.4 percent in May and 15.7 percent in April, according to new data from the British Retail Consortium.

Average prices in U.K supermarkets and retail chains rose 8.4 percent in June, down from 9 percent in May, the highest-ever figure recorded by the BRC, which based its calculations on data collected 1 to 7 June.

"If the current situation continues, food inflation should drop to single digits later this year." BRC Chief Executive Helen Dickinson told Reuters on 27 June.

Mike Watkins, the head of retailer and business insight at NielsenIQ, which co-produces the data used in the BRC survey, noted U.K. retailers had dropped prices for staples such as milk, cheese, and eggs in June.

"If global supply chain costs continue to fall, we may now be past the peak of price increases," Watkins said. "However, with most households needing to save money, purchasing behavior for the rest of this year is still likely …

Photo courtesy of William Barton/Shutterstock

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