Last month also saw month-on-month deflation of -0.4% — only the fourth such decrease in the last 32 months.
The figures indicate a sustained return towards pre-pandemic levels of inflation and more closely mirror trends seen for some time in the Consumer Prices Index (CPI).
“After several years of relentlessly high inflation, these figures show some very welcome respite,” Reuben Pullan, senior insight consultant at CGA by NIQ.
The basket of prices fell month-on-month in six of the Foodservice Price Index’s 10 categories. The oils and fats category is of particular note, having delivered six consecutive months of year-on-year deflation.
After more than a year of double-digit year-on-year inflation in most categories this was reduced to just one in May, which the Index says underscores a 'significant shift towards price stability across the foodservice sector'.
“This fall of input-inflation is very welcome, as the full basket of CPI has also fallen sharply to 2% year-on-year, and diners will soon come to expect stable pricing again in our restaurants,” Shaun Allen, Prestige Purchasing CEO.
“Buyers should be particularly wary of proposed supplier increases in this period of sharply falling inflation.”
