Grocery prices now rising three times faster than other goods
Grocery prices in Ireland have risen again, with prices in supermarkets now more than 5% above what they were a year ago.
The figure is far above the general inflation rate of 1.6% with household spending of food continuing the rise.
The latest data from Kantar, which monitors supermarket prices for a range of goods in Ireland, places the inflation rate at 5.3% for the past 12 weeks compared to the same period last year.
The cost-of-living crisis saw general inflation in Ireland peak at 9.2% in October 2022, largely due to a surge in energy prices. While the inflation rate has fallen to below the 2% mark, food inflation has remained stubbornly high.
'The rise in average prices is clearly affecting both sales performance and shopper behaviour," Emer Healy, Business Development Director at Kantar, said. "As grocery bills rise alongside other household expenses, Irish consumers are cautious with their spending and actively seek out promotions to secure the best value.'
The analysis shows shoppers spent €802m on promotional lines during the latest 12-week period, a 15.7% increase compared to the previous year as they sought better deals.
Kantar said own-label products have now overtaken brands in value share of the total market at 47.3%, compared to brands with a 47.1% value share.
Data from the CSO published this week reports a food inflation rate of 4.3% over the past year. The CSO said a pound of butter is now €1.03 more expensive than a year ago, Irish cheddar is up 57c/kg, with two litres of full-fat milk up 27c and an 800g sliced pan up 5c.
In the Dáil last week, Minister of State in the Department of Enterprise Niamh Myth said the competition authority continues to review grocery price inflation in Ireland saying it "remains broadly in line with the European average and is likely to be driven in part by increasing costs in other areas such as wages and agricultural produce."
She said the Government has asked the authority for an update on its June 2023 analysis, which found there was no indication of excessive pricing in the grocery sector.
Amongst supermarkets, Kantar said that Dunnes remains the largest player with 23.6% market share, followed by Tesco at 23.3%, SuperValu at 20.2%, Lidl at 14% and Aldi on 11.8%.
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