IELKA: Prices in supermarkets fell in May

The prices of products in supermarkets in May 2024 have for the first time declined on an annual basis and are reduced by an average of -1.25% compared to May 2023, according to a survey conducted by the Research Institute of Retail Consumer Goods (IELKA) in large supermarket chains.

Based on the survey, the decline in the May 2024 supermarket price index shows that the inflation rate is negative at -1.25% (vs. +1.10% in April, +0.28 % in March, +2.70% in February and +3.00% in January 2024). The change in May compared to April is mainly due to the continued decline in prices and partly the effect of seasonality due to Easter, a period during which strong promotions are recorded during the Holy Week period.

The largest price reductions were recorded in the categories: butter and eggs (-7.50%), stationery, cosmetics and personal hygiene items (-5.62%), fresh fruit and vegetables (-4.04%), cheese (-3.97%), alcoholic beverages (-3.74%). In dairy, the decreases recorded were the result of both the post-pandemic market normalisation and the reduction in producer prices for some products, while products such as butter and eggs benefit from Easter promotions. Fresh fruit and vegetables have benefited from comparatively better weather conditions compared to 2023.

The largest price increases were recorded in the categories: cookies, chocolates, confectionery (+5.85%), fresh fish and seafood (+4.42%), ready meals (+3.13%), food and pet supplies (+3.05%), waters and soft drinks (+2.79%). Most of these items are affected by the international prices of raw materials and especially the prices of sugar and cocoa.

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