The worst of worth rises is over, the exiting boss of Morrisons has informed Sky News.
We can definitively say the worst of inflation is behind us, David Potts stated, as he forecast a charge of worth rises between 4% and 6% within the run-up to Christmas.
But some objects will change into costlier at a sooner tempo, he stated, singling out greens and salad objects.
“There’s a bit more inflation coming through on veg, some salad lines, which is partly the erratic weather action that’s been going on in recent times”, Mr Potts informed Sky’s Ian King.
“But the trend is very much on the downward side of inflation… we’ve made some further price cuts this week. Next week we’re reducing our Christmas basket by two pounds year-on-year”.
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Official figures from the Office for National Statistics (ONS) present the patron worth index measure of inflation stood at 6.7% within the 12 months as much as August, down from a latest excessive of 11% in October final 12 months.
Food inflation has been significantly excessive, with newest information from business foyer group the British Retail Consortium (BRC) displaying the speed of meals worth rises stood at 8.8%, down from 9.9% in September.
Latest official ONS stats stated meals and non-alcoholic drink inflation was 12.2% within the 12 months to September.
Difficult climate situations, excessive vitality prices and Brexit led to shortages of salad objects, reminiscent of tomatoes, peppers and cucumbers within the spring. This in flip introduced up prices.
Mr Potts is that this month departing the former high 4 grocery store, after eight years on the helm. He is succeeded by Rami Baitieh, previously of Carrefour, the French grocery large.
In Mr Baitieh’s in tray, Mr Potts stated, shall be rising Morrisons’ comfort retailer providing.
Under Mr Potts’s tenure the grocery store chain acquired McColls comfort store chain.
Source: information.sky.com”