Amidst elevated shopping expenses, fresh data indicates a gradual decline in the prices of essential food items, including oil and milk.
According to insights from research company Kantar, the average payment for four pints of milk in July stood at £1.50, marking a decrease from the £1.69 recorded in March.
Concurrently, the average price for a liter of sunflower oil has now settled at £2.19, signifying a reduction of 22p compared to the spring figures.
This development unfolds as the phenomenon of grocery inflation, which gauges the rate of food price escalation at large, persists at a substantial level, albeit showing initial signs of moderation.
Kantar’s data, derived from observing the spending patterns of 36,000 households in the UK, reveals a 12.7% year-on-year uptick in prices for the four weeks leading up to August 6. This is a decrease from the 14.9% increase documented a month prior.
Last year, the food prices experienced a surge, largely attributed to the conflict in Ukraine. However, indications now suggest that these inflationary pressures could be subsiding as wholesale prices undergo a decline.
To alleviate the financial strain on consumers, prominent supermarket chains have commenced a reduction in prices for staple products like eggs, milk, and toilet paper. The pressure to support struggling shoppers has driven these actions, following allegations that supermarkets have not effectively transferred the benefits of falling wholesale prices to their customers, a claim that they have disputed.
