IRI, which recentlymerged with The NPD Group to create a leading global technology, analytics and data provider, recently released a new report, November 2022 Price Check: Tracking Retail Food and Beverage Inflation, offering new insights into food inflation and its impact on consumer shopping behavior. The report leverages point-of-sale data for November 2022 and includes data across U.S. food channels, including grocery, drug, mass market, military commissaries and select club and dollar stores, as well as e-commerce.
The latest data shows food and beverage prices in November 2022 increased by 0.3% compared to October. This increase is less than the 0.5% jump in October compared to September. Overall food inflation grew 13.2% versus one year ago; however, monthly increases compared to one year ago have leveled off over the last four months. Consumers are continuing to employ a range of strategies to reduce spending, such as switching to private labels, trading out of expensive food categories and trading down to mainstream and value brands, as well as consuming more at home versus away from home.