Monday, September 16, 2024

Grocery price inflation down to lowest level since March 2022

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A survey of over 30,000 products on Irish supermarkets shelves found that shoppers paid 2.5pc more for these goods in the 12 weeks to June 9 compared with the same period in 2023.

Inflation was down 13 percentage points since June 2023 in welcome news for consumers, Kantar reported.

Consumers were continuing to look for deals in supermarkets even as price hikes slowed. More than 25pc of value sales in the recent 12-week period were on promotion.

Kantar’s business development director Emer Healy also noted that sales of barbeque favourites plummeted in recent weeks compared to the same time in 2023.

“With less than typical sunny weather this June, it meant shoppers were not cracking open the barbeques or dining outdoors,” she said. “As a result, they spent a combined €1.6m less on chilled salads, burgers, grills and sausages than this time last year.”

Soup and home baking ingredient sales rose by €1m and €500,000 respectively.

However, she pointed to a boost in sales recorded over the bank holiday weekend, with savoury snack sales up 16.1pc. Beer and lager purchases jumped 13.1pc over the long weekend, with confectionary sales rising 11.9pc.

Sales of own brand products maintained a steady growth over the 12-week period and now hold a 48pc value share of the market.

Shoppers spent an additional €73.5m year-on-year on these items.

Sales of branded goods grew by almost 4pc over the 12-week period, Kantar reported. This represented additional spending of €57.9m on these goods.

“Our latest Brand Footprint report shows that four out of the top five most chosen brands in Ireland are Irish brands, with the average Irish household buying a portfolio of 77 FMCG brands in a year – well above the global average of 66,” Ms Healy said.

Online grocery sales were up 16.3pc year-on-year, with growth driven by larger and more frequent trips.

Dunnes Stores retained its title as the most popular grocer in the market in the period. The retailer currently holds a market share of 23.4pc.

Tesco currently has a 23.1pc market share.

SuperValu’s market share stood at 20.5pc. SuperValu customers make the most trips in store, with an average of 21.6 trips over the 12-week period.

Lidl holds a 13.9pc market share, while Aldi’s market share was 11.8pc.

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