Food price growth has slowed for the third month in a row to the lowest level this year, suggesting the UK is through the worst of the cost of living crisis.

Prices rose 0.3% last month and 13.4% over the year to July, down from an increase of 14.6% in the previous month, according to the British Retail Consortium (BRC).

Weakening grocery price growth may encourage the Bank of England to ease off on interest rate hikes to control inflation, though a 25 basis point rise in still expected on Thursday.

New inflation data for July is likely to slow from June’s 7.9% reading.

“Food price inflation also slowed to its lowest level this year, with falling prices across key staples such as oils, fats, fish, and breakfast cereals,” said Helen Dickinson, chief executive of the BRC.