Inflation has taken a toll on every side of the meat and protein industries, from consumers to retailers and producers. In its November inflation report, November 2022 Price Check: Tracking Retail Food and Beverage Inflation,IRI discusses key findings regarding inflation and consumer responses. Key findings from the report include several product categories declines in price in November versus October, many top Thanksgiving items sold on promotion, varied inflation across the store. The report also shows that while price increases are beginning to slow, food inflation was up 13.2% in November versus one year ago.
IRI discussed its November inflation report and what the findings mean for consumers, as well as the meat and protein industries. Melissa Rodriguez, principal, Client Insights at IRI, said that inflation variation in the store applies to meat and protein products. “For example, [bacon] saw significant inflation early on in 2022 and then decreased in October/ November,” Rodriguez said. “That being said, meat in general is still holding its share of wallet compared to pre-pandemic levels, despite the high price increases, which is promising as we head into 2023.”