Inflation will FINALLY drop below double digits for the first time since August

Inflation will fall below double digits for the first time since last August, but rising food prices will continue to weigh on household budgets, experts warn.

Figures from Wednesday show that the consumer price index rose 8.3 percent in the year to April.

This is a decrease from the 10.1 percent in March.

It means prices continue to rise across the board, just at a slower rate.

It’s good news for Chancellor Jeremy Hunt, who has vowed to cut inflation in half by the end of the year as energy bills fall.

But economists are concerned that families will find it increasingly difficult to afford the supermarket.

The cost of groceries has risen significantly, reaching 19.1 percent in March — a record in 45 years.

Supermarket bosses are accused of ‘greed’.

And research from the Institute of Grocery Distribution trade group shows that food inflation will remain above 10 percent for the rest of the year.

The Resolution Foundation think tank says food prices will become the new front line in the cost of living crisis.

“This summer, the shock of food prices to household finances will overtake that of energy bills,” said economist Lalitha Try.

“What remains consistent is that low to middle income earners are most affected.”

The average £1,000 increase in food costs since 2019 will outpace the £900 increase in energy bills.

The Bank of England warned that high food prices could lead to further increases in the 4.5 percent cost of borrowing.