What's happened
Grocery price inflation in the UK has slowed to the lowest rate in more than a year, with the price of butter down 16p compared with this time last year.
Why it matters
The slowing of grocery price inflation is significant as it brings relief to households struggling with the cost of living crisis and may help ease overall inflation in food prices.
What the papers say
The Times reports that food and drink manufacturers' prices fell at the fastest rate in over three years, boosting hopes that inflation in food prices will ease significantly. The Guardian and The Times both highlight the slowing of grocery price inflation, with The Guardian also mentioning a separate report from the British Retail Consortium showing food prices dropped in September for the first time in almost two years.
How we got here
The slowing of grocery price inflation follows a period of high inflation, with prices in the four weeks to October 1 being 11% higher than a year earlier, down from 12.2% a month earlier.
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Tesco plc, trading as Tesco, is a British multinational groceries and general merchandise retailer with headquarters in Welwyn Garden City, Hertfordshire, England, United Kingdom.