Grocery inflation dipped slightly in April but experts have warned food prices might not have peaked just yet.
Analysts at Kantar today revealed grocery price inflation dropped slightly to 17.3% for the four weeks to April 16 - down marginally from a record 17.5%.
But this doesn’t mean prices are falling - they are still going up, but just at a slightly slower pace than before.
It comes just days after the latest measure of Consumer Price Index (CPI) inflation was revealed to be 10.1% - largely propped up by the highest rate for food and drink since 1977.
Kantar today revealed own label sales were up 13.5% year on year, with the very cheapest value lines soaring by 46% and hitting the lowest income families.
However, households still purchased 38 million chocolate eggs and treats over Easter, while hot cross bun sales were up 5% on last year.
Fraser McKevitt, head of retail and consumer insight at Kantar, said: "The latest drop in grocery price inflation will be welcome news for shoppers but it's too early to call the top.
"We've been here before when the rate fell at the end of 2022, only for it to rise again over the first quarter of this year.
"It's important to remember, of course, that falling grocery inflation doesn't mean lower prices, it just means prices aren't increasing as quickly."
Aldi saw its share of the market rise above double-digit figures for the first time, hitting 10.1%, while Lidl also hit a new record share of 7.6%.
Lidl was the fastest growing grocer with sales increasing by 25.1%, while Aldi was just behind on 25%.
Asda led the grocers with sales up 8.8% year on year in the 12 weeks to April 16, followed by Sainsbury's on 8.7% and Tesco at 8%.
Mr McKevitt said grocery sales could increase over the three bank holidays in May.
He said: "During the week of the Platinum Jubilee last year they were £87 million higher than the average in 2022.
"We'll be keeping a close eye on the data in the weeks to come to see if we get the same effect this time around, including how many of us indulge in a Coronation Quiche. Only half of British households bought a quiche over the past year so it might not be for everyone."
