Food inflation dips as hard-up Brits increasingly turn to cheap ready meals and dinners with fewer ingredients

HARD-UP Brits are turning to cheap microwave meals and making fuss-free dinners with fewer ingredients.

Grocery inflation has slowed to 16.5 per cent, the lowest level since the start of the year but still one of the highest levels in 15 years.

4

It hit a high of 17.2 per cent in May but analysts at KANTAR said nearly 70 per cent of households are still “extremely” or “very” worried.

Households are having to fork out an extra £833 compared to last year. And economists warn prices will stay “higher for longer”.

Amid intense scrutiny around accusations of “greedflation”, supermarkets have started pass on lower wholesale prices for dairy products, vegetable oil and bread.

However, these are also items that had rocketed by around 40 per cent in the past year because of rocketing energy and labour costs.

The price of eggs, cooking sauces and frozen potato products, such as oven chips and potato waffles, have all kept increasing in price over the past 12 weeks, said Kantar.

Many shoppers are managing their budgets by switching to cheaper alternatives.

Sales of supermarkets’ budget food lines have risen by 41 per cent compared to a year ago.

Sainsbury’s recently rebrandied range as Stamford Street and ASDA’s Just Essentials line are increasingly popular.

More shoppers are also visiting discounters Aldi and Lidl than ever before with their sales growing by almost a quarter.

Together they now control almost 18 per cent of the UK food market.

Warmer weather has meant sales of ice cream have jumped by a quarter — but, Kanta said, shoppers are paying an average 20 per cent more than they did a year ago.

And fresh sausages are 16 per cent more expensive while burgers are 13 per cent dearer, hitting the cost of summer barbecues.

Supermarkets used to sell products for an eye-catching “round pound” but inflation means the number of £1 promotions has almost halved, with more items now sold at the higher cost of £1.25.

ASH’S £22M BIT OF BOO

MIKE ASHLEY has added a £22million stake in Boohoo to his recent shopping spree.

The billionaire’s Frasers Group bought a 5 per cent interest in the online fashion firm, which counts Kourtney Kardashian among its ambassadors.

4

It comes after the group bought a 9 per cent stake in Currys and also 19 per cent in Ao World.

EX-TESCO’S BOSS JIBE ‘LAME’

BARONESS Helena Morrissey has labelled ex-Tesco chairman John Allan’s claims men were now wary of working around women as “a bit rich and a bit lame”.

Mr Allan lost his role and also the same position at Barratt Developments after being accused of inappropriate remarks and touching, which he strongly denies.

4

He told Sky News on Sunday: “A lot of men say to me they’re getting increasingly nervous about working with women, mentoring women.”

“What quite a few people are saying to me, and saying to others that I know, is that they’re going to be very cautious in future about how they interact with women in the business world.”

But Baroness Morrissey disagreed and called his comments “regressive”.

The former boss of Newton Investment Management and director of a number of City firms, said: “I do think it’s a bit rich, and a bit lame.

“It puts the onus back on women, on half the workforce. It’s very regrettable and unfair.”

She added: “Good men don’t need to be nervous, but if a man has been up to no good and is nervous about being found out, then I think that is an OK result.”

“Being sensible is all that it takes, thinking about how you choose to interact in an informal gathering.”

Mr Allan was president of the CBI between 2018 and 2020, the lobby group which is still struggling to repair relationships with the government after a sex scandal.

LOOKERS’ TAKEOVER

CAR dealer Lookers has accepted a £465million takeover bid by Canadian firm Alpha Auto.

Lookers has previously been a target of rival Pendragon amid a wave of consolidation in the sector.

4

Three years ago Lookers was hit by an accounting fraud, then hammered by pandemic lockdowns.

But sales and profits recovered on the back of a jump in vehicle prices, largely due to a shortage of car parts.

FIRMS IN WAGE RAP

Wh Smith, Marks & Spencer, Lloydspharmacy and Argos are on a list of 200 firms named and shamed for failing to pay 63,000 workers the minimum wage.

The Department for Business and Trade said a probe by HMRC between 2017 and 2019 found staff had missed out on £5million of pay.

The large companies blamed “unintentional technical issues” which they fixed as soon as they were made aware.

FCA CUT OFF ODEY

CRISPIN ODEY, the hedge fund tycoon, has lost his status as a “fit and proper” individual, according to the financial ­regulator’s register.

Mr Odey has been ousted from his fund following accusations by 14 women of sexual harassment and assualt.

He is now no longer certified for financial dealings by the FCA.

The FCA has restricted his fund’s ability to sell assets.