Food and drink prices rose just 4.5% in the four weeks to March 17, a rate of increase not seen since February 2022, according to latest data from analysts Kantar. Food inflation peaked at 17% in March last year.
There is also growing evidence that shoppers are trading up again to more expensive items as they tour the supermarket aisles or spend online.
The fastest-growing grocer was Ocado, which delivers Marks & Spencer food and is generally seen as a more up market player, with sales surging by 9.5% in the 12 weeks to 17 March, though this was also boosted by a voucher promotion.
That was more than triple the uncharacteristically plodding 3.1% growth recorded by German-owned discounter Aldi.
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