Food Price Inflation in UK Supermarkets Slows for Second Month Amid Accusations of Profiteering

Irish supermarket inflation has fallen to its lowest level this year according to Kantar figures showing 15.8% increase over past month compared to 16.5% previously
UK shop price inflation slowed to 8.4% in June from 9% in May; food inflation eased to 14.6% from 15.4% in May with slowing in fresh food and clothing prices providing relief for shoppers
Although UK shop price inflation slowed, food prices still rose 14.6% compared to last year; retailers cut staple prices like milk, cheese and eggs; Bank of England raised rates to fight high inflation
UK parliamentary committee questions supermarket executives over failure to pass on lower wholesale food costs and high food price inflation; price inflation needs to drop substantially to counter high overall UK inflation
UK supermarkets deny profiteering or acting as a cartel to raise food prices; claim highly competitive market and slim profit margins of 3 to 4 pence per pound spent