Prices for food at-home remain elevated across all categories and rose 1.2 percent from the end of June to the end of July, and 14.4 percent year-over-year as of July 31, according to IRI’s point-of-sale data for July, including data covering all U.S. food channels including ecommerce.
“Consumers are responding to rising prices by shopping promotions, prioritizing value options, and trading down to avoid going without,” said Krishnakumar Davey, president of Thought Leadership for CPG and retail, in a statement. “We are advising our manufacturer clients to deploy all levers of strategic revenue management, prioritize strong in-market execution, and invest in retailer partnerships to ensure that the right products are available in the right places at the right times. Additionally, retailers must have the tools to quickly adjust to changes in consumer preferences to ensure they are offering the right assortment at price points that appeal to price-sensitive shoppers as well as their most valuable customers.”
The categories most impacted by inflation are refrigerated eggs (up 5.9 percent in July vs. June, and 46.8 percent vs. July 2021), frozen dinners and entrees (3.5 percent and 22.8 percent), butter and margarine (3.2 percent and 26.3 percent), frozen pizza (2.8 percent and 17.8 percent), and bread (2.8 percent and 15.4 percent).
Meanwhile, the prices of certain foods decreased in July as compared to June. They are fresh citrus fruit (down 2.4 percent), bacon (-1.4 percent), ice cream and sherbet (-0.8 percent), beef (-0.3 percent), and packaged lunch meat (-0.1 percent.)
Related: Off Premises Restaurant Dining Retains Appeal: Report; Aldi, Target, Amazon Grow Private Label Sales.