On Friday, market leader Tesco TSCO.L, said Britain's food inflation has peaked. LONDON, June 19 (Reuters) - British supermarket Morrisons said on Monday it was cutting the prices of 47 products by an average of over 25%, in another sign that a surge in inflation might be set to abate. Any signs that it could abate or even reverse in the coming months are being closely watched by the Bank of England, lawmakers and consumers ground down by a cost of living crisis into its second year.