February drop takes UK food price inflation to lowest level in almost two years | retail

Plunging energy costs and a price war between UK supermarkets have slowed food inflation to its lowest level for nearly two years, giving a boost to households trying to cope with stretching budgets.

Prices of meat, fish and fruit fell in February, pushing food prices up 5% from 6.1% in January last year and the lowest since May 2022, according to the British Retail Consortium (BRC) Store Price Index.

Although figures show prices are still rising, they are well below the double-digit rises consumers have consistently faced over the past two years as rising energy prices have fueled rampant inflation.

According to the index, food prices last month fell 0.1% compared to the previous month, marking the first monthly decline since September of last year.

BRC chief executive Helen Dickinson said this was happening because retailers were easing input costs for energy and fertilizer while competing fiercely to drive down prices.

A sharp fall in wholesale gas prices has had an impact on household energy bills, with industry regulator Ofgem announcing last week that price caps would fall by 12% (238 to 1,690) from April. Meanwhile, there are growing signs that large supermarkets are stepping up price competition.

The cost-of-living crisis has strained retailers as they attempt to maintain profits while attracting customers due to rising household costs and shopping budgets.

Last week, Morrisons launched a campaign offering the same or lower prices as discounters Aldi and Lidl, mirroring similar marketing efforts by Tesco, Asda and Sainsburys.

Overall, store price inflation eased from 2.9% in January to 2.5% in February. Non-food prices rose 1.3% year-on-year and 0.7% in January.

Richard Walker, chairman of frozen food chain Iceland, said cost pressures had eased in its supply chain and sales were strong after cutting prices on products such as pizza, beef burgers and ready meals.

Across manufacturing, cost pressures are easing and the situation is starting to lift, Walker said. We're seeing the biggest declines faster than wholesale prices can drop to stay ahead of the game. Providing great value to your customers is more important than ever.

Skip past newsletter promotions

Join our business today

Get ready for your work day. All the business news and analysis you need every morning.

Privacy Policy: Our newsletter may contain information about charities, online advertising and externally funded content. Please see our privacy policy for more details. We use Google reCaptcha to secure our website, which is subject to the Google Privacy Policy and Terms of Service.

After newsletter promotion

BRC figures show prices for furniture, electronics and health and beauty products rose, but clothing fell as retailers tried to lure shoppers with promotions.

Dickinson said while easing inflation was good news for shoppers, he warned prices of non-food items could rise due to increased delivery costs due to disruptions in the Red Sea, and reiterated his call for government support for retailers' business rates bills. Budget for next month.

Separate data from the CBI showed retail sales in the year to February fell at a moderate pace after a sharp decline the previous month. The quarterly survey predicts the pace of sales decline will accelerate in the coming months.

Sources 1/ https://Google.com/ 2/ https://www.theguardian.com/business/2024/feb/27/uk-food-price-inflation-energy-supermarket The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos