Meat and poultry prices are up 24.5%, pasta is up 18%… Products sold in supermarkets have been hit hard by inflation, hitting shelves at around 7% last August and could climb to 10% by the end of the year.
In a statement on Thursday, leading retail panelist NielsenIQ noted that inflation “has not taken a break in July/August”, with the average price of so-called consumer goods (consumer items that households frequently buy in supermarkets) up 6.6% in August .
“Inflation is expected to reach +10% by the end of 2022,” according to NielsenIQ, with all product categories selling at higher prices in August than a year earlier.
The product categories with the largest price increases were meat, poultry and cooked food, up 24.5%, pasta (+18.3%), paper towels (+16%), oil (+15.7%), butter, margarine and whipped cream (+18.3%) 13%).
Again, NielsenIQ points out that premium products and those so-called “private labels,” those created by the brands that sell them, are more than three points higher than domestic brands. This is not least because the cost of production and agricultural raw materials has been strongly inflated since mid-2021, and they account for a larger share of price compared to national brands that spend more on marketing.
Another supermarket price measurement specialist, IRI, estimates prices for consumer and fresh produce rose 7.9% in August, according to a barometer published by specialist media LSA on Thursday.
In June, the NielsenIQ Institute, the magazine’s inflation watch for 60 million consumers, assessed the impact of this 7 percent price increase on an extra 30 euros a month per household.
In response, consumers are turning to the lower end of the market, depriving themselves of certain products deemed less important, or switching to brands deemed the best in terms of price.
Meanwhile, Economy Minister Bruno Le Maire announced in France on Wednesday that “we should not wait for an improvement in inflation before early 2023”.