Inflation is down, the European Central Bank is (largely) satisfied and the knock-on effects of the Iran war are mostly being kept under control for now. So why does a trip to the supermarket still feel like a small act of financial self-harm?
The short answer is that lower inflation does not automatically translate into lower grocery prices. Low inflation simply means that prices are rising more slowly than before, while the damage from the most brutal food price shock in a generation is baked in — and that effect is not going anywhere anytime soon.
