October 2022 Food And Beverage Price Check

SUMMARY

OCTOBER 2022 FOOD AND BEVERAGE PRICE CHECK

Food and beverage inflation continued in October, up 1.4% over September and 13.3% versus year ago (YA). Inflation in the perimeter departments (including produce and deli) has moderated to 8.4% versus YA, while center-store inflation continues its rapid rise, now up 14.9% versus YA.

IRI’s latest Inflation Tracker deck shares all the details on the latest inflationary trends, their impact on consumer behavior and their effects on Halloween and Thanksgiving celebrations.

HIGHLIGHTS

• Inflation varies significantly across the store. Fresh meat and seafood are up just 4.5% versus year ago (YA) and alcohol is up just 5.5%, while frozen foods are up 18.4%.
• Consumers are responding to rising prices by reducing their consumption in some segments more than others. Volumes are down over 10% in frozen poultry, deli service lunchmeat, frozen dinners and shelf-stable dinners.
• Seasonal Halloween candy prices are up 13.5% versus YA and volumes down 2.0%.
• Price inflation for the Thanksgiving meal is up 13.7% versus YA, driven by high inflation for pies (19.6%) and side dishes (18.8%) and by more moderate 9.7% inflation for protein.

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