Inflation falls to two-year low as prices rise

Inflation has fallen to its lowest level in two years as prices continue to rise, official figures reveal.

The Office of National Statistics (ONS) has revealed that prices rose by 3.2% in the 12 months to March 2024, down from 3.4% in February. The cost of some items including meat, crumpets, chocolate biscuits, furniture and household items fell, yet goods in store are still much more expensive than they were two years ago.

Meat prices, driven by a drop in the cost of pork, fell by 0.5% between February and March, compared with a rise of 1.4% a year ago.

From March 2020 to March 2024, a whole chicken has risen in price from £4.11 to £5.75, while 400g of cheddar cheese has risen from £2.74 to £3.50.

Grocery price inflation hits two-year low

Speaking to Better Retailing, Andrew Johnson, of Dafarn Newydd Store near Llanwddyn, said: “We haven’t seen anything going down from suppliers. Everything is going up – it’s the same old, same old. Hopefully we’ll see a turnaround. Business insurance, business rates, and electric have gone up too.

“I can’t see people putting prices down despite inflation falling. From an independent store view, we need to see wholesale prices similar to what the big boys can buy. Considering we’re 24 miles from the supermarket, we’re still seeing major retailers doing home deliveries most days a week. We need access to the same to buying power that major retailers have, and this will increase our footfall.”

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