Key grocery food categories remained stubbornly high in Q1 2024 while select others dipped to new lows compared to the same period in 2023.
Tapping into its rich, real-time Shopper Intelligence Platform, Catalina looked at the aggregate price increase of 10 common grocery categories in the U.S.
“Our latest data shows grocery inflation has dropped considerably from a year ago in these 10 categories,” said Wesley Bean, US Chief Revenue Officer at Catalina. “While this is positive news overall, it’s important to remember the impact isn’t felt evenly. Value-conscious shoppers are still grappling with significant price increases on essential items, even as the broader inflation rate cools.”
The 3% average Q1 inflation rate from Catalina’s data was on par with the overall 3.5% inflation rate reported in March’s US Consumer Price Index (CPI). When compared to Q1 2023, the rate of inflation fell in every category, dropping anywhere from 18% for Yogurt to 6% for Deodorants in Q1 2024.
While inflation’s impact on the overall Cereal category in Q1 is significantly lower than Q3 2023 (+5% vs. +13%), the price of Cereal Bars rose +13%. While overall Coffee prices dipped slightly, convenience carries a premium. Catalina’s Shopping Basket Index showed only a +1% increase in Q1, with prices for Regular Coffee (-1%), Coffee Pods (-2%) and Instant Coffee (-3%) falling below the same period in 2023. However, those convenient Ready-to-Drink Single Serve Coffee Drinks posted a +3% price increase.
Find out more at: https://www.catalina.com