Inflation In Food Price Sees A Dip | Lowest In 2 Years

Food prices have been rising since 2021 after the COVID. Inflation in food rates observed its highest in February but then the prices of food decreased due to the ease in fertilizers and energy costs.

Another major factor in the drop in the inflation rate of food is the competition between food retailers as they went crazy in keeping the rates of food items as minimum as possible for the sake of more sales and better profit margin than their competitors.

In January, the inflation of food prices was at 6.1%. The lowest inflation rate was seen in May 2022, and since then, food rates have spiked until February 2024.

Inflation of fresh food items such as meat, fish, fruits, and vegetables has slowed but the authorities are skeptical whether the dip will maintain in the coming months or whether we will see another increase in food prices.

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