Retail

Food prices set to fall over coming weeks, says Lidl chief

German discount store has seen an increase in footfall as inflation sends customers in search of cheaper groceries

JP Scally, chief executive, Lidl Ireland: ‘In the last few weeks alone, we’ve dropped the prices of over 100 products in our stores. So as soon as we have any opportunity to drop prices, we’re doing that. We’re committed to continuing to be the cheapest retailer in the country.’ Picture: Fergal Philips

The recent spike in food inflation should begin to ease over the coming weeks and months, the head of Lidl Ireland has said.

JP Scally, the chief executive of the German discounter’s operations in Ireland and Northern Ireland, said food prices are already starting to come down after rising at their fastest pace in over a decade.

“We’re already seeing food prices coming back. We dropped the price on milk three or four weeks ago because there was some reduction in the cost of production along with lower costs within our own business. So we were happy to pass those reductions on,” Scally told the Business Post.