As the nine-year tenure of Morrisons' CEO David Potts nears its end, he has projected a 4%-6% food price increase, particularly affecting vegetables and salads due to unpredictable weather patterns. The statement was made in an interview with Sky News today. Despite this anticipated rise, Potts emphasized an ongoing downward inflationary trend and mentioned further price reductions initiated by Morrisons, including a planned £2 year-on-year cut in its Christmas basket cost.
The outgoing CEO's comments are in line with data from the British Retail Consortium (BRC), which shows a decrease in food price inflation to 8.8% in October from close to 10% the previous month.
Additionally, Potts, who led the acquisition of the McColls convenience shop chain during his tenure, will be succeeded by Rami Baitiéh, currently serving as the head of Carrefour (EPA:CARR) France.
The Office for National Statistics (ONS) also reports an inflation drop from 11% last year to 6.7% in August. The BRC further recorded a fifth consecutive monthly decline in annual shop price inflation, dropping to 5.2% in October from 6.2% in September, with slowdowns observed in both food and fresh food inflations.
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