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Record Inflation in Grocery Prices in June

07/17/2022

Inflation in grocery prices attained 15.1 percent in June according to a survey conducted by research group Numerator.  The inflation rate was double that of January 2022 and followed a 14.2 percent increase in May, compared to the corresponding month in 2021.  Categories contributing to the rise included meat at 28 percent, poultry, 25 percent and dairy products 17 percent.

 

 In contrast, inflation in household items declined to 11.3 percent over the four-week period ending July 3rd. Numerator attributed the reduction to decreased consumer demand. 

All channels including conventional supermarkets, club stores and dollar outlets recorded increased revenue with club stores posting a 15 percent increase in dollar value and nine percent in traffic.

 

Consumers expressed concern over high prices and their ability to maintain a pre-COVID standard of living.  High-income households have apparently traded down in their stores of preference and are limiting expenditure.