UK food prices now over seven per cent higher than 2021 with perishable goods leading the way
Food and consumer goods prices across Europe are now 6.9 per cent higher than they were a year ago, rising to 7.5 per cent in the UK.
According to new data released by NielsenIQ today, more than eight FMCG categories out of 10 showed increasing inflation rates during the 12 week period ending April 24 2022 versus the same period in 2021.
Looking at 32 countries in the European market, perishable food, shelf goods and pet food were all up over eight per cent, making them the top three categories with the biggest price rises in the European markets surveyed.
Year-on-year inflation is now over 10 per cent higher in several markets from Northern and Eastern Europe, and the trend appears to be lasting.
In the short term, prices are still increasing, with Turkey (up 69 per cent) and Ukraine (up 22 per cent) leading the way compared with the same period they were a year ago.
The figures also revealed that while these was an increase in promotional activity on FMCG products in 2021 (28.2 per cent of sales were made via promotions vs 25 per cent in 2020), this has not been sustained in 2022 due to inflation.
Over half of European countries are reducing the percentage of items on promotion in the 12 week period surveyed versus last year.
Data released earlier this week showed that while inflation is now helping to lift category growths across most of the store, volume sales were in decline in all FMCG categories at the UK supermarkets in the last four week period ending 18th June 2022.
Rising prices are leading shoppers to consider cheaper meal alternatives, with sales increasing for frozen poultry (up 12%), rice and grains (up 11%), canned beans and pasta (up 10%), gravy/stock (up 9%) and canned meat (up 9%). Whilst sales of Dry Pasta increased 31 per cent.