As supermarket inflation reaches a new height, Irish consumers will see their bills surge
Over the past year, grocery costs have increased by about 17%, putting Irish supermarket inflation at its highest ever level, according to retail analysts Kantar.
When compared to the same 12-week period last year, the price of groceries in supermarkets increased by 16.8% for the three months that ended on March 19.
This indicates that if consumers stick to their current buying habits, their average annual grocery bill will increase by €1,211.
Over a 12-week period, take-home grocery sales grew by 9.5% as consumers visited stores more frequently (up 7.7%) and the average price per pack increased by 13.9% annually.
Also, according to Kantar, consumer visits increased 13% year over year, which is the greatest level of foot traffic since March 2020. In actuality, this suggests that consumers visited retailers twice more in March.
A month of festivities, including Mother’s Day, St. Patrick’s Day, and the Irish rugby team winning the Six Nations Grand Slam, contributed to the increased foot traffic.
St. Patrick’s Day coming on a Friday this year allowed consumers to celebrate throughout a long weekend, which increased sales by 10.4% in March. One in ten Irish households bought Guinness in March, which resulted in an increase in sales of 6.7% and an additional €623,000.
Along with stocking up on Easter necessities, consumers increased their purchases of Easter chocolate by 20% in March. Big eggs turned out to be the most well-liked variety, with sales increasing an astonishing 86% year over year and consumers spending an additional €3.8 million.