Food prices in the UK are rising at a slower pace, according to Sainsbury’s.
The most recent official figures showed that food inflation remained very high at 18.3%. But some wholesale prices have come down in recent months and this is gradually feeding through to the prices paid at the till.
In a trading statement for April to June, Sainsbury’s reported grocery sales up 11% compared with the same period last year, with price reductions leading customers to buy more.
The UK’s second largest supermarket spent over £60m on price cuts across more than 120 essential items including bread, butter, milk, pasta, chicken and toilet roll.
During the three-month period it grew both food volumes and market share.
“Food inflation is starting to fall and we are fully committed to passing on savings to our customers,” said chief executive Simon Roberts.
“Prices on our top 100 selling products are now lower than they were in March, against a market where prices have gone up.”
The Competition and Markets Authority is currently examining the grocery sector to assess whether competition is working effectively to keep down prices.
