Food price increases come off Brexit boil as pound pressure eases

Food price increases come off Brexit boil as pound pressure eases

The pace of food price rises has eased back, thanks to lower pressure from the Brexit-hit pound.

According to retail industry data, food inflation slowed in July to an annual rate of 1.2% after reaching levels not seen for three-and-a-half years in the previous month.

The BRC-Nielsen Shop Price Index showed the slowdown helped overall shop prices fall by 0.4% following the 0.3% reduction in June.

The figures were released as UK shoppers continue to face a squeeze from higher prices - a result of import costs going up in the wake of the collapse in the value of the pound after the EU referendum.
                                                                                           Read More...