The worst of price rises is over, the exiting boss of Morrisons has told Sky News.
We can definitively say the worst of inflation is behind us, David Potts said, as he forecast a rate of price rises between 4% and 6% in the run-up to Christmas.
But some items will become more expensive at a faster pace, he said, singling out vegetables and salad items.
“There’s a bit more inflation coming through on veg, some salad lines, which is partly the erratic weather action that’s been going on in recent times”, Mr Potts told Sky’s Ian King.
“But the trend is very much on the downward side of inflation… we’ve made some further price cuts this week. Next week we’re reducing our Christmas basket by two pounds year-on-year”.
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Official figures from the Office for National Statistics (ONS) show the consumer price index measure of inflation stood at 6.7% in the year up to August, down from a recent high of 11% in October last year.
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Food inflation has been particularly high, with latest data from industry lobby group the British Retail Consortium (BRC) showing the rate of food price rises stood at 8.8%, down from 9.9% in September.
Latest official ONS stats said food and non-alcoholic drink inflation was 12.2% in the year to September.
Difficult weather conditions, high energy costs and Brexit led to shortages of salad items, such as tomatoes, peppers and cucumbers in the spring. This in turn brought up costs.
Mr Potts is this month departing the former top four supermarket, after eight years at the helm. He is succeeded by Rami Baitieh, formerly of Carrefour, the French grocery giant.
In Mr Baitieh’s in tray, Mr Potts said, will be growing Morrisons’ convenience store offering.
Under Mr Potts’s tenure the supermarket chain acquired McColls convenience shop chain.
