The British Retail Consortium (BRC) has released figures showing that food price inflation in March has slowed to its lowest level since December 2021.
Shop Price annual inflation dropped to 1.3% in March, compared with 2.2% in February.
The Chief Executive of the British Retail Consortium, Helen Dickinson, said that “while Easter treats were more expensive than in previous years due to high global cocoa and sugar prices, retailers provided cracking deals on popular chocolates, which led to price falls compared to the previous month. Dairy prices also fell on the month as farmgate prices eased, and retailers worked hard to lower prices for many essentials.”
Whether retailers will continue to be able to maintain lower prices remains to be seen. Businesses are facing increased costs with the rise in National Living Wage in April, as well as business rates increases for those not eligible for the small business rates freeze. Still, the positive news is very welcome!
See: https://brc.org.uk/news/corporate-affairs/good-news-for-households-as-prices-fall/
