According to fresh industry estimates, food price inflation slowed to its lowest level in over two years because of declining prices for chocolate, sugar, and jam.
Easter sweets were more expensive in March despite price reductions on some goods due to retailer competition, according to the British Retail Consortium (BRC). According to the report, the overall pace of price growth has nearly dropped to 1.3% from 2.5% in February.
The inflation of food prices has decreased during the past ten months. However, the BRC said that overall food costs have increased by 3.7% from a year ago, a decrease from 5% in February.
Retailers have “fiercely” competed on bargains, according to the BRC, especially during the Easter run-up.
Dairy products and chocolate saw price reductions in March, and discounts on clothing, shoes, and electrical appliances also resulted in price reductions.
Due to the high price of sugar and cocoa around the world, Easter goodies were more expensive this year than in past years. Still, stores were offering fantastic discounts on popular chocolates, which resulted in price reductions over the previous month, according to Helen Dickinson, chief executive of the BRC.
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