Garry Scannell’s Post

Headline inflation cooled ever so slightly in September. Prices on goods and services rose 2.4% year-over-year, down from 2.5% in August. Food prices, however, continue to be at the forefront of consumers’ minds, with restaurant prices up 3.9% and grocery store prices +1.3% year-over-year. How is that impacting consumer choices at the grocery store? Find out in the latest edition of "The Dairy Bar: Powered by Ever.Ag": https://lnkd.in/epQ_32EU

Food Price Inflation is, overall, largely ameliorated. But that merely means prices are not rising very fast at the moment. A number of food prices are still rising. Using the prices in the Datasembly Grocery Price Index, a prototypical cart of grocery items in September rang up to $153.14, vs $153.13 in August. In September of 2023 that same basket cost $158.56. https://lnkd.in/geG_S59B Will food prices fall? At present, that seems unlikely, although foodstuffs appear to not have much in the way of upward price pressures working on them at the moment. This does not undo, of course, the massive price hikes from 2022.

In the year through June, grocery prices rose 1.1 percent, a significant slowdown from a recent peak of 13.5 percent in August 2022. Many consumers might not be feeling relief, though, because food prices overall have not fallen but have continued to increase, albeit at a slower rate. Compared with four years ago, grocery prices are up about 20 percent. How Food Prices Have Changed Over the Past Four Years https://lnkd.in/ehBUwTbe

Food price inflation has slowed, but remains high 🚨 Is this still impacting how people shop? Absolutely. We asked our audience and here’s what they told us: 🛒 87% are now either always or sometimes changing retailers to find better prices 🍋 Over 80% of people are searching for more deals 🛍️ 64% have noticed out of stock items in supermarkets (though this is down by 24% vs a year ago!) Are high food prices still affecting how your consumers shop? #foodinflation #costofliving #risingcosts

February saw a significant drop in shop price annual inflation to 2.5%, marking is lowest since March 2022, with notable declines in food prices, offering consumers relief amidst economic uncertainties. Read more below 👇 #Dash #inflation #retailinsights

Grocery prices were flat again in May and are now up just 1% over the past 12 months, well under the historic rate of food inflation, according to the latest Consumer Price Index. #foodprices #CPI #inflation

Food prices have fallen this month for the first time since September, providing a further signal that inflationary pressures in the economy will continue to ease this year. Food prices fell by 0.1% over the month to February, according to the British Retail Consortium and NielsenIQ’s latest shop prices inflation index. On an annual basis, food inflation fell to 5% from 6.1% in January, the lowest point since May 2022. The monthly drop in grocery prices helped to bring down annual overall shop prices inflation to 2.5% from 2.9%, its weakest pace of increase in nearly two years

Falling food prices in February! 🥙 Our Shop Price Index, published today, shows food prices fell in February while overall shop price annual inflation eased to 2.5% (from 2.9% in January). 📉 Fierce competition between retailers is driving down food prices for consumers, particularly fresh foods such as meat 🥩, fish 🐟 and fruit. 🍏 Promotions also meant that clothing prices continued to fall. 👚 However, CEO, Helen Dickinson, warned of risks ahead for inflation: “Significant uncertainties remain as geopolitical tensions rise. Prices of non-food goods will be more susceptible to shipping costs, which have risen due to the re-routing of imports around the Cape of Good Hope.” On the 6.7% rise to the business rates multiplier that retailers face: “April’s rates rise should be based on April’s inflation, and the Chancellor should use the Spring Budget to make this correction, supporting business investment and helping to drive down prices for consumers.” To read the SPI in full 👉 https://lnkd.in/e8abQiCB #inflation #foodinflation  

Food price inflation fell in February to its lowest rate in nearly two years, driven by easing energy and fertiliser costs and fierce competition among retailers to keep prices down. Food prices in February were 5% higher than a year ago, but that marked a drop from January's 6.1%, and the lowest level since May 2022, the British Retail Consortium (BRC) said. Fresh food inflation slowed with price drops for meat, fish and fruit. However, the BRC warned that "significant uncertainties" remain. Food prices dipped 0.1% month-on-month in February, the BRC said, noting drops in certain fresh food items. Non-food inflation remained unchanged at 1.3% in February, with the price of goods such as furniture, electronics and health and beauty products rising but clothing continuing to fall with retailers keeping promotions running. "There was good news for consumers as shop price inflation fell to its lowest rate in nearly two years," Helen Dickinson, chief executive of the BRC, said. "Easing supply chain pressures have begun to feed through to food prices, but significant uncertainties remain as geopolitical tensions rise. "Prices of non-food goods will be more susceptible to shipping costs, which have risen due to the re-routing of imports around the Cape of Good Hope." https://lnkd.in/e8abQiCB

Explore BECU's latest blog article on Grocery Inflation: Rising Costs and How to Save. While grocery price increases have slowed recently, food inflation remains a concern for many. Discover which items have seen price hikes and get practical tips to help you save money on your grocery bill.