Online Grocery Prices Up 10.3 Percent In March
Apr 11, 2023 23:57:42 GMT -5
Post by Honoria on Apr 11, 2023 23:57:42 GMT -5
Online Grocery Prices Up 10.3 Percent In March As Inflation Continues To Bite
TUESDAY, APR 11, 2023 - 08:20 PM
Authored by Bryan Jung via The Epoch Times
Online grocery prices continued to rise by double-digits in March, as inflation continues to bite.
Although online grocery prices have eased over the past six months, costs were up 10.3 percent in March from the previous year, according to the Adobe Digital Price Index on April 10.
Adobe analyzed 1 trillion visits to retail sites and more than 100 million items across 18 product categories to track price changes.
There was a 0.4 percent rise in the growth of food prices from February, which had been slowing since their height last September, when they hit a record 14.3 percent year-over-year increase.
Online grocery prices closely follow the food category in the Labor Department’s Consumer Price Index (CPI).
Hit With Persistent Inflation
Online food prices are expected to grow more slowly in 2023 compared to the previous year, but still above historical averages, according to Adobe.
The March CPI report projected that food prices would increase by 7.5 percent in 2023, particularly for nine additional food categories, which have experienced consistent growth since last year.
The category expected to see the largest surge in prices is eggs, which saw an estimated rise of 29.6 percent, after taking into consideration the volatility of the industry.
Costs are expected to rise for poultry by 3.4 percent, dairy products by 6.4 percent, fats and oils by 15.4 percent, processed fruits and vegetables by 11.4 percent, sugar based products by 11.1 percent, cereals and bakery products by 11.7 percent, nonalcoholic beverages by 10.7 percent, and other foods by 8.5 percent.
Meanwhile, beef and veal prices are predicted to decrease by 1.0 percent in 2023, while pork prices would fall by 0.8 percent.
Fresh fruit and vegetable prices are projected to see continuous growth by the end of the year, with fruit to grow by 0.6 percent and vegetables by 1.3 percent.
Despite persistent inflation, customers are still buying groceries online, with Adobe reporting last month the biggest jump in sales for that category last year, with spending rising by 10.8 percent, to $86.8 billion.
A separate report by Coresight Research on April 9, also said that despite inflation, online grocery sales are continuing to grow, despite a slowdown in expansion.
It notes that the COVID-19 pandemic made consumers more habitually used to shopping online for non-food grocery categories “to a greater extent” than food.
Coresight cited research revealing that grocery inflation boosted foot traffic at discount grocery stores such as Aldi and at large warehouse sized retailers like Walmart, Kroger, and Costco.
link
TUESDAY, APR 11, 2023 - 08:20 PM
Authored by Bryan Jung via The Epoch Times
Online grocery prices continued to rise by double-digits in March, as inflation continues to bite.
Although online grocery prices have eased over the past six months, costs were up 10.3 percent in March from the previous year, according to the Adobe Digital Price Index on April 10.
Adobe analyzed 1 trillion visits to retail sites and more than 100 million items across 18 product categories to track price changes.
There was a 0.4 percent rise in the growth of food prices from February, which had been slowing since their height last September, when they hit a record 14.3 percent year-over-year increase.
Online grocery prices closely follow the food category in the Labor Department’s Consumer Price Index (CPI).
Hit With Persistent Inflation
Online food prices are expected to grow more slowly in 2023 compared to the previous year, but still above historical averages, according to Adobe.
The March CPI report projected that food prices would increase by 7.5 percent in 2023, particularly for nine additional food categories, which have experienced consistent growth since last year.
The category expected to see the largest surge in prices is eggs, which saw an estimated rise of 29.6 percent, after taking into consideration the volatility of the industry.
Costs are expected to rise for poultry by 3.4 percent, dairy products by 6.4 percent, fats and oils by 15.4 percent, processed fruits and vegetables by 11.4 percent, sugar based products by 11.1 percent, cereals and bakery products by 11.7 percent, nonalcoholic beverages by 10.7 percent, and other foods by 8.5 percent.
Meanwhile, beef and veal prices are predicted to decrease by 1.0 percent in 2023, while pork prices would fall by 0.8 percent.
Fresh fruit and vegetable prices are projected to see continuous growth by the end of the year, with fruit to grow by 0.6 percent and vegetables by 1.3 percent.
Despite persistent inflation, customers are still buying groceries online, with Adobe reporting last month the biggest jump in sales for that category last year, with spending rising by 10.8 percent, to $86.8 billion.
A separate report by Coresight Research on April 9, also said that despite inflation, online grocery sales are continuing to grow, despite a slowdown in expansion.
It notes that the COVID-19 pandemic made consumers more habitually used to shopping online for non-food grocery categories “to a greater extent” than food.
Coresight cited research revealing that grocery inflation boosted foot traffic at discount grocery stores such as Aldi and at large warehouse sized retailers like Walmart, Kroger, and Costco.
link
