UK: Food price inflation has slowed to its lowest level

However the rate of 13.4% – in the year up to July – still remains high.

But the British Retail Consortium (BRC), which compiled the figures with retail analysts NielsenIQ, said it was still the lowest level since December 2022 and represented “cause for optimism”.

It marks the third month in a row that the pace of food price rises has fallen, following rates of 15.4% in May and 14.6% in June.

NielsenIQ also said the figures showed “the outlook is improving”.

Non-food inflation decreased to 4.7% in July, down from 5.4% in June, largely because of reductions in the price of clothes and footwear