Food prices fall for first time in two years

Up 9.9% year-on-year

Food prices dropped last month for the first time in over two years because of “fierce competition between retailers”, according to new data.

Grocery inflation fell by 0.1% in September, compared with a rise of 0.6% in August, according to the latest shop prices index published by the British Retail Consortium and NielsenIQ. Bank of America forecasts no rate cuts for UK until 2025 due to 'entrenched inflation' This brought year-on-year food inflation down to single digits and contributed to the fifth consecutive monthly fall in the headline rate, helped by easing cost pressures On an annual basis, grocery prices jumped by 9.9%, the weakest pace of growth since August 2022. This compared with last August's figure of 11.5%...