Food inflation slows for sixth consecutive month

Below the three-month average rate of 10.1%, it means food price inflation is at its lowest since July 2022. Non-food inflation, meanwhile, fell by a percentage point – going from 4.4% to 3.4% – meaning non-food inflation is at its lowest since September 2022.

Overall, inflation decelerated by a percentage point in October – dropping from 6.2% to 5.2% – making this the fifth consecutive month it has fallen in a row. It also means shop price growth is at its lowest since August 2022. 

The BRC’s chief executive Helen Dickinson said: “Shop price inflation eased for the fifth consecutive month to its lowest rate since August 2022.  

“Imported goods saw higher levels of inflation due to a weaker pound, still-high producer costs and emerging trade frictions, while prices for some domestically produced foods, such as fruit, were lower compared to last month. Prices of children’s and baby clothing also fell as retailers continued to support families as the colder weather descended. 

“Retailers have been battling to keep prices down for their customers in the face of rising transport costs, high interest rates and other input costs. To keep inflation heading in the right direction, it is vital that the government does not burden businesses with unnecessary new costs.

“Without immediate action from the chancellor, retailers have an additional £470m per year on their business rates bill, jeopardising the progress made. Ultimately, it’s consumers who would pay the price for the rising rates bill.”