The topline, according to Andy Harig VP of tax, trade and sustainability at FMI is that, “it’s likely that food prices will remain elevated in the short term…it’s clear we aren’t out of the woods yet.” We seem to be moving in the right direction, but consumers aren’t feeling or believing it.Ĭoncerned Young Woman Checking Bills In Kitchen After Grocery Shopping, Millennial Female Sitting At. Seventy percent are concerned about climbing prices for their preferred foods. FMI: The Food Industry Association hosted an expert panel for the media on inflation - their recent grocery shopper trends poll found that 48% of consumers are extremely concerned about high grocery prices – that’s up from 40% in October. The bad news is that an analysis by Moody’s Analytics found that the average American household is spending an additional $276 a month on goods and services because of higher prices. The peaks were in September 2022 where online grocery prices were up 14.3% over the previous year. The Adobe Digital Price Index for March, which analyzes one trillion visits to retail sites and over 100 million SKUs, reports that grocery prices rose 10.3% year over year and was up 0.4% over February but have slowed in the past six months.
And while food prices overall remained unchanged from the previous month, food at home fell by 0.3 percent, the first decline in the index since September 2020, to an unadjusted 12 month 8.4%. The good news is that according to the Bureau of Labor Statistics in March, we’ve seen inflation reach its lowest point in two years. As an industry we have been consumed by the melodrama of the day and ignored the big picture. Whether on-line or in-store, retailers must understand that we have new consumer demands to contend with. These are brands and retailers that didn’t evolve or adapt to the consumer and the changing marketplace. Blockbuster, Borders, Sears, Toys ‘R’ Us, Bed Bath & Beyond BBBY, Party City to name just a few. Over the past few years, we have seen major shifts and the streets are riddled with signs of retailers not understanding these changes – or consumers. Consumers have witnessed supply chain shock, food inflation, out of stocks and most of all – the industry has come to understand that consumer buying behaviors have changed both in-store and online. Our grocery and CPG leaders are confronting uncertainties. This is the 30 th annual The Lempert Report Trend Forecast its focus is on the most important issues that the retail and food industries face. (Photo by Barbara Alper/Getty Images) Getty Images Customers queue up at Star Market with their shopping for New Years Eve celebrations, Cambridge.
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