And now chief executive at Morrisons – which yesterday announced its profits for the first six months of the year – Marc Bolland claimed that supermarket prices could be on the way down because of factors such as falling oil prices – something that will lower fertiliser costs.
He said that other developments such as positive wheat harvests in the US, Ukraine, Canada and Australia, along with a growth in farming acreage, will mean the future is better for many consumers.
And he also claimed that the firm’s food processing operations mean that it can offer goods at cheaper prices than some of its competitors.
“The momentum of the first half has set us up well to achieve for the full year, despite the challenging comparatives as we approach Christmas,” he commented.
Falling commodity costs will filter through in the coming months, Bolland asserted, just as inflation hits its peak at the tail end of the year.
He said: “We think it will ease over the winter. The benefits are there, they are coming through with a certain time lag.”
