Inflation may have fallen, but prices are still rising - with some popular foods still more expensive than they were compared to a year ago.

Consumer Price Index (CPI) inflation fell from 3.2% to 2.3% in the 12 months to April. Inflation is a measure of how the prices of products have changed over time, with the Office for National Statistics (ONS) releasing new data every month. The ONS uses a "basket of goods" and services to measure price rises. The "basket of goods" is regularly updated to reflect current trends, with vinyl records and air fryers added in 2024, and hand sanitiser taken out.

The main inflation figure you see in headlines is used to represent an average, this means the individual prices of some goods may be higher or lower than this - and below, we've listed some examples of how prices have changed. You can see olive oil has increased 38.9% between March 2023 and March 2024, while the price of butter has fallen 11.7%.

Inflation has fallen dramatically compared to when it hit a painful 11.1% in October 2022 - the highest rate for 40 years - but we still haven't quite hit the Bank of England target of 2% inflation. The Bank of England held its base rate - which influences how much interest you're charged and the rate of return on savings accounts - at 5.25% for in May.

This marked the sixth time in a row where the Bank of England decided to pause the base rate, which stood at just 0.1% in December 2021. Governor Andrew Bailey said he was "optimistic that things are moving in the right direction" but warned they needed to see "more evidence" that inflation was under control before the base rate is finally cut.

The next interest rate decision is due on June 20, with the latest inflation figures set to be released the day before on June 19. Some financial analysts believe a base rate cut in August is more likely than in the June meeting.

How fast are prices rising?

Examples of the rising cost of groceries between March 2023 and March 2024, according to ONS data and published by the BBC:

  • Olive oil: 38.9%
  • Cocoa and powdered chocolate: 18.5%
  • Hand-rolled tobacco and e-cigarettes: 18.1%
  • Fortified wine: 16.8%
  • Cigarettes: 16.6%
  • Sugar: 14.2%
  • Cigars: 11.5%
  • Chocolate: 9.8%
  • Flour: 9.6%
  • Confectionery: 9.6%
  • Beer (except lager): 9.6%
  • Crisps: 9.4%
  • Cider: 9.3%
  • Lager: 9.3%
  • Sweet potatoes: 8.9%
  • Frozen vegetables (except potatoes): 8.8%
  • Fruit and vegetable juices: 8.6%
  • Mineral or spring waters: 8.3%
  • Dried fruit and nuts: 8.2%
  • Liver: 7.7%
  • Potatoes: 7.6%
  • Spirits: 7.5%
  • Yoghurt: 6.7%
  • Tea: 6.7%
  • Sauces, condiments, salt, herbs and spices: 5.9%
  • Fresh or chilled vegetables (except potatoes): 5.8%
  • Breakfast cereals and other cereal products: 5.6%
  • Other milk products: 5.5%
  • Ice cream: 5.5%
  • Pasta products and couscous: 5.0%
  • Other bakery products: 4.9%
  • Wine: 4.8%
  • Pork: 4.7%
  • Ready meals: 4.6%
  • Lamb: 4.3%
  • Eggs: 3.9%
  • Soft drinks: 3.8%
  • Beef: 3.6%
  • Rice: 3.3%
  • Dried, salted or smoked meat: 3.3%
  • Other meat preparations: 3.2%
  • Fresh or chilled fruit: 2.8%
  • Dried, preserved or processed vegetables: 1.8%
  • Pizza and quiche: 1.4%
  • Preserved fruit: 1.1%
  • Bread: 0.9%
  • Coffee: 0.8%
  • Poultry: 0.5%
  • Fresh or chilled fish: 0.3%
  • Preserved or processed fish and seafood: -0.4%
  • Margarine and other vegetable fats: -1.2%
  • Cheese: -1.6%
  • Jams, marmalades and honey: -4.1%
  • Low fat milk: -6.5%
  • Frozen seafood: -8.7%
  • Whole milk: -11.1%
  • Butter: -11.7%