Annual rises in staple food prices are beginning to stabilise, new research suggests.
According to latest figures compiled by supermarket price comparison site mySupermarket.co.uk, the prices of 24 staple items such as bread, eggs, butter and milk rose by an average of 17.9 per cent at Asda, Tesco and Sainsburys in the last 12 months.
The rise follows last month’s 17.8 per cent increase in annual staple food prices, the website said.
Rice has seen the biggest increase over the year, with Basmati rice rising in price by an average of 91.4 per cent, while orange juice has fallen in price in all three supermarkets by 2p to 86p.
Spokesman Jonny Steel said: “The year-on-year increase in staple food prices remains consistent this month at 17 per cent.”
“Whilst this is obviously still a large increase on the price shoppers were paying twelve months ago, it may signal that the rate of increase has reached a plateau.”
“In better news for shoppers, the mySupermarket Food Inflation Index shows a 4.5 per cent increase over the past year in overall prices of food and drink across Asda, Sainsbury’s and Tesco, in line with the official rate of inflation.”
He added: “Although shoppers are yet to see an overall reduction in the cost of their food shop, there are lots of bargains out there to be had, particularly on festive treats.”
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