Five-year mortgage rate hits 6% as savings lag behind; UK ‘only G7 member with rising inflation’ – as it happened

Mortgage rates hit highest since last autumn, adding to squeeze on borrowers

• Full story: Average rate on five-year fixed mortgage deal in UK climbs above 6%
• Food inflation starting to fall, says Sainsbury's as sales rise
• Watchdog summons UK bank bosses to discuss weak savings rates

Sainsbury's CEO, Simon Roberts, has told reporters that prices are falling fastest among the products that jumped the most in the cost of living squeeze, such as fresh food.

Roberts says:

We've seen in those products where the prices went up first, and that was predominantly in fresh food, we've seen prices start to come down."

While every one of the big four' has chased price-sensitive consumers during the cost of living crisis, the real difference that we will all taste is when prices do come down and aren't just being tinkered with at the edges by the grocery giants who put 99% of food on the nation's tables.

The launch of Nectar Prices in April, Sainsbury's Stamford Street - its entry-price' range, and its ongoing Aldi Price Match campaign are all designed to show customers that this supermarket cares about the cost to their pockets. It will be more telling to see if there is any shift in the ranking of the big four once food inflation does subside.