February food inflation dips in the UK

February food inflation dips in the UK

FOOD INFLATION: Lowest UK rate since 2022 Photo credit: Flickr/david pics

Food inflation in the UK sank to its lowest in almost two years last February, latest figures show.

Lower energy costs and a price war between supermarket chains offered meat, fish and fruit that rose by 5 per cent in the second month of 2024, compared with 6.1 per cent in February 2023.

Food inflation is still rising, but its present rate is reassuringly lower than the double figures prompted by the energy crisis that has fuelled soaring inflation since 2022.

February’s rate was the lowest since May 2022, the British Retail Consortium (BRC) shop price index revealed, with a 0.1 per cent monthly reduction that was the first since September 2023.

“This was driven by eased input costs for energy and fertiliser while retailers competed fiercely to keep prices down,” Helen Dickinson, the BRC’s chief executive said.

Falling wholesale gas prices were reflected in household energy bills as the industry regulator Ofgem said that its price cap – the maximum price which suppliers can charge for each kilowatt hour of energy that customers use – would fall by 12 per cent to £1,690 (€1,975.7 ) in April.

There was no change to non-food inflation which remained at 1.3 per cent in February, 0.7 per cent down on January, with an increase in the cost of furniture, electronics, health products and cosmetics offset by falling prices for clothes as retailers maintained special promotions.

Overall, February’s 2.5 per cent shop price inflation, compared with 2.9 per cent in January, was the lowest in almost two years, the BRC said.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.