Did you know that food prices are actually falling? With grocery costs still a huge problem for consumers, that may sound absurd. About 15 months after Russia invaded Ukraine, Britain’s annualised grocery-price inflation of 17.2% remained close to record highs in the four weeks to 14 May, says market researcher Kantar. That’s the third-fastest rate recorded since 2008.
Other estimates are even higher. Prices of food and non-alcoholic drinks rose by 19.1% in the year to April 2023, the second-highest rate in 45 years, according to the Office for National Statistics (ONS). While that marked a slight dip from March’s 19.2% annual increase, these rises far outstrip the UK’s overall CPI (consumer prices index), up 8.7% in the year to April.
Meanwhile, EU consumer food prices averaged a near-17% gain in April compared with a
