The media talk about it as a price drop rather than a slight fall in the rate of increase.No wonder we are where we are the crooked leading the blind.
I'm glad to see that deflation has started to affect lingerie ...... knickers are coming down everywhere.
As a farmer I would say that the people making money out of food inflation isn't us farmers! Most food commodity prices have dropped right off (I bet that hasn't made the press like the rises did last year). Grain is under £100/tonne now against £150+ this time last year. Milk prices are down. Not so sure about meat prices, but they never zoomed up last year either.Our input prices (fuel, fertiliser etc) haven't dropped nearly as much. So farming profits will be down next year, after 1-2 years of big rises.I suspect that food processors, and the farmers bugbears, the supermarkets, are taking advantage of lower cost food, but not passing it on to the consumer. Using last years rapid rises as a smokescreen to continue or maintain increases.
Food inflation is coming down now. Your chart says so.
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