UK supermarkets are still battling with record inflation, though of the listed groups J Sainsbury PLC (LSE:SBRY) has the lowest inflation and volume losses.
Supermarkets say they are still wrestling with record inflation, which is being passed onto consumers, although the costs of commodities, such as wheat, coffee and sunflower oil, are all down in the last year, with global wholesale food costs dropping for at least 10 consecutive months (greedflation anyone?).
Analysts at the bank shared the results of a deep dive on 'trends in the British aisles' with sector experts from Kantar, who recently revealed record four-week inflation of 17.5%, despite a lower month-on-month progression.
Both Marks and Spencer Group PLC (LSE:MKS) and B&M European Value Retail SA (LSE:BME) were said to be "volume positive", driven by low inflation for M&S and despite above-market inflation for B&M.
Discounters, including Aldi and Lidl, continue to drive inflation figures and are continuing to benefit from customers trading down, although “the gains have begun to taper”.