SummarySummary Companies M&S cuts prices of 70 products, holds prices of 150Morrisons cuts prices of 47 productsMoves follow other reductions across sectorBank of England keeping close eye on food inflationLONDON, June 19 (Reuters) - Marks & Spencer (MKS.L) on Monday became the latest supermarket group in Britain to cut food prices, adding to signs that a surge in inflation is set to abate.
M&S cut the price of 70 staple products, such as beef mince, Greek style yoghurt, salmon fillets, chickpeas and tortilla wraps, by between 3% and 25%.
Also on Monday, Morrisons, Britain's fifth largest supermarket group, said it was cutting the prices of 47 products by an average of over 25%.
On Friday, market leader Tesco (TSCO.L), said Britain's food inflation has peaked.
EXPLAINER-Why is UK food inflation so stubbornly high?
Persons:
Spencer, Rishi Sunak's, Kantar, James Davey, Kylie MacLellan, Susan Fenton
Organizations:
Bank of England, Morrisons, Tesco, Asda, Waitrose, Thomson
Locations:
Britain