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Food prices fall steeply amid retail discount war

The British Retail Consortium has reported that food prices fell at their steepest rate for at least eight years in January as supermarkets stepped up a discounting war and commodity prices fell further. Meat, milk, vegetables and eggs were all cheaper in January compared with the same month a year ago, with bread and cereal prices also falling as bumper harvests depressed grain prices. A 0.5% decline in overall food costs pushed down overall shop prices by 1.3% following a 1.7% fall in December. The BRC pointed out that deep discounting in the pre-Christmas period meant a 'significant amount of goods were sold at full price in January' as retailers pulled new season stock forward. Director–general Helen Dickinson noted that the full impact of tumbling oil prices was not yet reflected in high street prices. Falling costs across the supply chain meant 2015 was 'shaping up to be a win-win year for shoppers and retailers alike,' she added.

 

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