New figures show that grocery price inflation fell its lowest level in a year…..
Shoppers increased their spending by €7.4 million on biscuits, €1 million on cereals, and over €3 million on cheese and bread as parents prepared for the back-to-school season. Grocery price inflation reached its lowest point in a year, standing at 11.5% for the 12 weeks ending September 3, down from 12.8% in the previous 12-week period. Analysts predict further declines in the coming months, although this level remains considerably higher than the general inflation rate of 6.3% reported by the CSO last month.
According to Kantar, the decrease in value sales due to falling grocery price inflation was offset by increased spending on back-to-school lunches. Own-label product sales rose by 11.9%, outpacing the 5% growth of branded products. Online sales surged by 18.5% year-on-year, with an additional €27 million spent by shoppers. Key beneficiaries in terms of value this month included Dunnes, Tesco, and Lidl.
In August, unfavourable weather led to reduced spending on ice cream (-€2.5 million), salads (-€1.3 million), and barbecue meats (-€500,000). Conversely, sales of soup and hot beverages increased by a combined €2.8 million.
Kantar’s grocery inflation rate, based on a comparison of over 30,000 identical products year-on-year, has now dropped for the fourth consecutive month, encouraging both shoppers and retailers. Kantar’s business development director, Emer Healy, anticipates further declines in the coming months, even though the inflation rate remains relatively high compared to the past year.
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