Posted 1/29/2024, 12:00:00 PM
Shop inflation slows in January but food costs stay high
- Shop price inflation fell to 2.9% in January, the lowest since May 2022, due to discounts and lower milk and tea prices
- Food prices still rising over 6% annually; non-food price increases eased to 1.3%
- Further slowdown in price rises seen as difficult due to cost pressures like higher wages
- Consumer spending on alcohol plunged over 50% in January compared to December
- Hopes inflation could fall nearer 2% target in 2024 as energy bills predicted to decrease