Food price inflation appears to have peaked for the time being, according to one expert.
In news which might be of interest to retail insurance customers, Richard Dodd, spokesperson for the British Retail Consortium, believes that the sharp fall in the cost of things such as oil, wheat and soya will soon filter down to farmers and manufacturers.
He said: "We are getting to the point now where it seems food inflation has peaked and we are starting to see food inflation actually falling."
Although this will not mean food prices start to fall, people should find that the rate of increase is less steep, Mr Dodd added.
Some retailers had previously been protecting consumers from increases in prices by soaking up some of the extra costs, he stated.
Recently, the Morning Advertiser reported that data released by Horizon shows that food prices increased 0.8 per cent in August, compared with 3.1 per cent in July.
