Food manufacturing giant Premier Foods has started to cut prices across some of its big brands including Mr Kipling and Batchelors Super Noodles, as inflation finally starts to wane.

CEO Alex Whitehouse said: “We know how challenging the past year has been for many consumers and so it’s good to see the rate of input cost inflation falling.”

The price cuts come as Premier Foods unveiled soaring profits in its half-year to 30 September, with trading profit rocketing 19% to £67.5m.

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It also highlighed the “good start” it had to its third quarter, which has led the manufacturing giant to raise its expectations, with full-year trading profit now expected to be up 10%.

In its first half, sales jumped 19.2% to £484.4m, with branded revenue up 15.8%. Grocery sales were the star of the show, surging 24.6%, with sweet treats up 5.4%

New products such as Ambrosia porridge pots, which it launched last year and recently expanded into new flavours, helped drive sales as new category revenue jumped 21%.

Earlier this year, Premier Foods acquired breakfast brand Fuel10K in a £34m deal.