Price increases within shops are at the lowest rate in over a year.

According to recent statistics, price increases in British stores have decreased to their lowest pace since October, but they are still substantial.

As reported by the British Retail Consortium (BRC), price growth decreased from 8.4% in July to 6.9% in the year to August.

Prices for meat, potatoes, and other cooking oils have increased less dramatically.

However, a swift decrease in price increases is unlikely given that grain shipments from Ukraine are at risk. Nearly a third of the world's grain exports come from Ukraine.

Grain could safely leave Ukraine up until last month because of an agreement between Russia and other nations known as the Black Sea Grain Initiative, but Russia has now withdrawn from that agreement.

There are now "dark clouds on the horizon" as a result of this and India's move to impose rice export limits, according to the BRC.

The increase in alcohol taxes was also criticised by the retail trade organisation.

However, when the summer sales drew to an end, inflation for apparel and shoes rose.

Households have been suffering greatly from rising food prices for more than a year.

The total inflation rate in the UK was 6.4% in July. However, the inflation rate for food is at 13.4%.

Huw Pill, the Bank of England's chief economist, stated earlier this month that high inflation rates had been "more long lasting than expected" despite the fact that the number has decreased from a peak of 19.2% in March.

(Sources: bbcnews.co.uk)