Cost of living: Food prices rise at slowest rate since October, new data shows
Prices for essential items like meat, potatoes and cooking oil are all increasing at a much slower rate it's been reported. In fact, as a whole, price rises are the slowest they've been since last October, new data shows. Are we in for more rapid price drops at the supermarkets in the near future? And what's causing them to drop?
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00:00 A slowdown to the rate of increase for food prices across Britain's shops in the latest
00:05 data but by how much? Prices rose by 6.9% in the year to August, down from a whopping
00:11 8.4% just a month earlier in July, the British Retail Consortium has said. It's thought it
00:17 may not be even slower next month though, as grain exports from Ukraine are in trouble.
00:23 Ukraine accounts for nearly a third of all the world's grain, but Russia has just pulled
00:26 out of a deal for the safe passage of the exports out of the country. This combined
00:31 with India's decision to place export restrictions on rice means there are now dark clouds on
00:35 the horizon, the BRC said. The head of strategic insight at Consumer Group Which said expensive
00:41 grocery bills were on par with energy bills as the biggest worry for millions of households.
00:46 But the British Retail Consortium's director of food and sustainability said customers
00:50 not getting good value in supermarkets was certainly not true, and added retailers and
00:54 their customers are on the same side when it comes to the cost of food.
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