Good news at last as food prices to fall
By Jill Dando News
It’s good news for millions. At last - food prices are coming down.
Supermarket bosses are said to have told Rishi Sunak’s government that food price inflation has already peaked and costs to the consumer will start to fall in the coming months.
It comes after the Bank of England food price pressures had proved more “sticky” than expected as UK inflation remains “stubbornly high”.
Top supermarkets assured chief secretary to the Treasury John Glen and other officials that food inflation was “past the peak” and that prices would come down soon, The Times reported.
Ministers and the central Bank are concerned that food price inflation has proved more stubborn despite falling wholesale energy prices.
Liberal Democrat leader Ed Davey has calling for the Competition and Markets Authority (CMA) to launch an inquiry into unfair “profiteering” by supermarkets.
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