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UK inflation eases as food and grocery prices continue to decline.

TraderKnows
TraderKnows
06-18

Recent data shows that grocery inflation in the UK continues to decline and has been decreasing for sixteen consecutive months.

Grocery inflation in the UK decreased for the sixteenth consecutive month in June, according to industry data, delivering some positive news for Prime Minister Rishi Sunak ahead of next month's election.

Market research firm Kantar reported that annual grocery price inflation was 2.1% in the four weeks leading up to June 9th, down from 2.4% during the previous four-week period.

During his campaign ahead of the July 4th election, Sunak has sought to credit himself with halving the overall inflation rate. However, his Conservative Party continues to lag behind the opposition Labour Party in the polls, showing almost no gain in support.

Kantar stated that nearly one-third of the grocery categories it tracks saw price decreases, including toilet paper, butter, and milk. However, prices for sectors like chilled juice and chocolate confectionery are still rising.

Market leader Tesco said last Friday that it expects food inflation to remain in the "very low single digits" for the rest of 2024.

UK official data released on May 22nd showed that overall consumer price inflation fell to 2.3% in the 12 months leading up to April. Official inflation data for May will be released on Wednesday, and the Bank of England will issue its next policy announcement on Thursday.

Kantar's data provides the latest snapshot of UK consumer behavior, showing that household grocery sales grew by 1.0% year-on-year over the four weeks, the slowest growth since June 2022, reflecting poor weather and declining inflation.

Fraser McKevitt, Kantar's head of retail and consumer insight, said, "We have yet to start purchasing typical summer products and made some unexpected purchases in June."

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Inflation

Inflation refers to the phenomenon where the purchasing power of a country's (or region's) currency decreases, leading to a general rise in the prices of goods and services. It is reflected in the fact that, over a certain period, the same amount of money can only buy fewer goods and services.

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