Food: Prices

(asked on 29th February 2024) - View Source

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the recent reduction in grocery price inflation on overall inflationary pressures in the economy.


Answered by
Baroness Vere of Norbiton Portrait
Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
This question was answered on 12th March 2024

In January 2024, food and non-alcoholic beverage inflation fell from 8.0% to 6.9%. This contributed -0.11percentage points to the change in headline inflation in January. Food and non-alcoholic beverage inflation has fallen from a peak of 19.1% in March 2023. The fall in the inflation rate over this period has contributed -1.25 to the change in the headline inflation rate.

The OBR are the government’s official forecaster and published an updated forecast on March 6th. The OBR forecasts that headline inflation will return to the 2% target next quarter, a year earlier than forecast in November.

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