Last year we predicted food inflation would peak at approximately 19%. This raised eyebrows, but the prediction was proved right as inflation outcomes have, broadly, followed the path we predicted. And while we see some improvement ahead, consumers may not be seeing that on supermarket shelves for a little while yet.
Unfortunately, a very rapid run-down of inflation or, indeed, a reverse of inflation isn’t going to happen any time soon in our view. In fact, we predict that while food inflation will come down, it is likely to stay sticky - above 10% - for most of this year.
