Shop prices were 1.3 higher than a year ago in March, slowing from February’s 2.5, according to the BRC-NielsenIQ Shop Price Index.
Shop price inflation eased to its lowest rate since December 2021 driven by falling food costs and competition between retailers, figures show.
Food prices overall were 3.7% higher than a year ago, down from 5% in February, the 10th consecutive month of slowing inflation for the category and its lowest since April 2022.Inflation on products other than food fell to 0.2% in March, down from 1.3% in February, and its lowest since January 2022. “Dairy prices also fell on the month as farmgate prices eased, and retailers worked hard to lower prices for many essentials.
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