British supermarket Morrisons announced on Monday that it would be reducing the prices of 47 products by an average of over 25%, signaling a potential easing of the recent surge in inflation.

Prime Minister Rishi Sunak's pledge to halve inflation in 2023 has faced challenges due to persistent high food inflation. The latest official data shows food inflation running at over 19% in April and 17.2% in May, according to industry sources.

As the cost of living crisis enters its second year, any signs of inflation abating or reversing in the coming months are being closely monitored by the Bank of England, lawmakers, and consumers.

Morrisons, the fifth-largest supermarket group in Britain, stated that the products included in the price cuts range from beef mince, ham, tomatoes, spinach to wholemeal pittas. The company's commitment to maintaining the reduced prices for at least eight weeks represents an investment of £26 million.

Last week, Tesco, the market leader, announced that food inflation in Britain had reached its peak. Asda, the third-largest player, froze the prices of over 500 products until the end of August, while Sainsbury's, the second-largest, reduced the price of toilet paper, and Waitrose, an upmarket grocer, slashed prices on over 200 products.

The latest reading on grocery inflation from market researcher Kantar, scheduled for Tuesday, and the official data for May, to be published on Wednesday, will provide further insight into the state of inflation in the grocery sector. Photo by Paul Anderson, Wikimedia commons.