Food inflation eased for the 11th consecutive month in February, marking the lowest annual rate since January 2022.
According to the Office for National Statistics (ONS), prices for food rose by 5% in the year to February 2024, down from 7% the month before.
Prices were also down month on month, declining 0.2% between January and February, compared with a monthly rise of 2.1% a year ago.
The ONS said inflation eased on most types of food products during this period, however the largest effect came from bread and cereals, with overall prices for these items rising by 0.3% on the month, compared with 2.3% the year before.
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The annual price rise for bread and cereals in February was 6% – the lowest observed since March 2022.
The ONS said that other smaller downward effects came from meat, vegetables, milk, cheese and eggs.
It came as overall UK inflation slipped to 3.4%, down from 4% in January – the lowest level since September 2021 when it stood at 3.1%. ONS chief economist Grant Fitzner said: “Inflation eased in February to its lowest rate for nearly two-and-a-half years.
“Food prices were the main driver of the fall, with prices almost unchanged this year compared with a large rise last year, while restaurant and cafe price rises also slowed.”
However, he added that overall prices were “still higher than they were a year or two years ago, [but] the rate of inflation has come down markedly.”
