Surging food inflation is tipped to moderate in the second half of this financial year, Coles Group boss Steven Cain says, but shoppers are already paying less for some fresh foods – iceberg lettuce is back on the shelf at $3 a head and other producers are bouncing back from natural disasters.

Also, the chief executive of Domino’s Pizza Enterprises said there were early signs that price pressures associated with key ingredients such as wheat and cheese were starting to flatten out.