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Food prices fall by record amount

The supermarket price war continued in August with Morrisons the latest to cut prices

 



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Food prices fall by record amount

Grocery prices fell by a record amount in August as supermarkets continued their price war.


Figures from the British Retail Consortium (BRC) showed food prices fell 1.1 per cent in August, following 0.8 per cent falls in the two previous months.


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Helen Dickinson, BRC chief executive, said: "Lower prices this August compared to last were driven by a combination of continuing promotional activity, softening oil prices and a global supply glut of wheat weighing on food prices."


However, she warned a weakened pound could push up prices as imports became more expensive.

 

"But that's likely to take several months to properly feed through, given that retailers won't feel the brunt of the cost increases until existing contracts with foreign suppliers come to an end.

BRC-Nielsen shop price index

  • Food prices fell 1.1%
  • Non-Food prices fell 2.5%
  • Overall prices fell 2%

Price cuts

Price cuts

Morrisons is the latest supermarket to slash prices and has cut ‘essential’ meat and poultry prices by 12 per cent and fruit and vegetable prices have also been reduced.


Sandwich fillers such as ham have also been cut in ‘back to school’ promotions.


Morrisons has cut prices on 4,435 products so far this year to try and compete with discounters Aldi and Lidl.

"Even then, retailers will have to make a decision about when and how much to pass onto consumers."

 

READ MORE: Fears grow of new supermarket price war

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