Jul 18, 2023
Ocado boss claims worst of food inflation is over
The UK is "Definitely over the worst" of food price inflation, the boss of online food retailer Ocado has said. Kantar said Britons had been turning to supermarket promotions to save money, which had helped to slow the pace of price rises from 16.5% in May. Food prices are one of the biggest contributors to the UK's overall rate of inflation which remains stubbornly high. New figures, due on Wednesday, are expected to show that the overall pace of price rises slowed to 8.2% in June, from 8.7% in May. However, the Bank of England is expected to continue raising interest rates, which it has been using as a tool to curb rising prices and to bring inflation down back to its 2% target. According to official figures, food price inflation, which is the rate at which prices for groceries have risen compared to the year before, was 18.3% in May, down slightly from 19% in April. In its latest results for the six months to 28 May, Ocado said its retail revenues rose by 5% to £1.2bn in part due to average price inflation of 8.4% across the business.
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