Supermarket senior executives are being questioned by MPs today over eye-watering food inflation as the latest figures add to hopes that price hikes have passed the peak.
Supermarket senior executives are being questioned by MPs on Tuesday over eye-watering food inflation as the latest figures add to hopes that price hikes have passed the peak.
Data from the BRC-NielsenIQ Shop Price Index suggested retailers are beginning to pass on lower wholesale costs, with food inflation easing for a second month running as supermarkets cut the price of household staples. Shop price inflation overall slowed to 8.4% in June, down from 9% in May and below the three-month average of 8.7%, according to the figures.
“Along with a rise in business rates, and the introduction of border controls in October, these policies could hinder the Government’s efforts to combat inflation.” The Bank of England last week lifted interest rates to 5% with a bigger than expected 50 basis point hike to try to tame rising prices.
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