Although falling inflation is good news, it does not necessarily mean that the price of goods and services will come down immediately, if at all ⬇️ lauriehavelock explains why
. Food inflation fell to 17.4 per cent in June, down from 18.3 per cent, according to the Office for National Statistics .
Though this impact is starting to wear off, inflation means that food prices are still rising – just not as quickly. So even when supply chains recover, and stocks in supermarkets improve, the prices will still be as high as they were.Other than the war in Europe, food prices were also driven higher by higher gas prices and the impact of Brexit on importing fresh food from Europe.
In 2023, the price paid by retailers fell off, while the prices charged to consumers continued to grow as grocers aimed to stay afloat. While customers were paying 36.1 per cent more for dairy products in April 2023 , retailers were paying just 22.4 per cent more, ONS figures show. “A lot of those costs have begun to ease, but at different times and to different levels, depending on lots of factors,” said Richard Lim, chief executive of retail economics.
“I think we need to see interest rates ideally stabilise and come down before we can start to see that inflation will actually start to go back down. But I don’t see it going up from where it is now,” he added.
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