Grocery prices are now rising at their slowest rate since the immediate aftermath of Russia’s invasion of Ukraine, according to fresh data from retail analysts Kantar Worldpanel.
Inflation across Irish supermarkets is currently put at 2.6 per cent, Kantar said. That contrasts with a rate of just over 13 per cent recorded over the same period last year and down from a peak of more than 16 per cent at the height of the cost-of-living crisis.
The latest data also suggests that summer has arrived with a bang, with sales of barbecue foods soaring in the early days of May.
Inflation has dropped for the 13th consecutive month and is now at the lowest level since March 2022.
The great Guinness shortage has lessons for Diageo
Ireland has won the corporation tax game for now, but will that last?
Corkman leading €11bn development of Battersea Power Station in London: ‘We’ve created a place to live, work and play’
Elf doors, carriage rides and boat cruises: Christmas in Ireland’s five-star hotels
“This is welcome news, but Irish consumers are still looking for bargains, with over 25 per cent of value sales on promotion,” said Kantar’s business development director Emer Healy.
“Retailers are also promoting their own-label ranges to get shoppers through the door. Sales of own-label are performing well and growing ahead of the total market at 5.7 per cent year-on-year, with shoppers spending an additional €86 million year-on-year,” she said.
May saw more shoppers spending money in supermarkets, with grocery sales increasing by 4.7 per cent in the four weeks to the middle of this month, the figures show. Ms Healy noted that premium own-label groceries performed particularly strongly, with shoppers spending an additional €18.4 million year-on-year, up 12.6 per cent compared to this time last year. Brands also grew by 4 per cent over the latest 12 weeks, with shoppers spending an additional €59 million, but growth was slightly behind the total market.
[ Grocery inflation falls again as Easter egg sales surgeOpens in new window ]
Irish consumers marked the beginning of summer by dusting off their barbecues and shopping for meaty treats. Shoppers spent an additional €614,000 on sausages, €497,000 on chilled burgers and grills, €454,000 on chilled prepared salads and €3.4 million on soft drinks, to make the most of the sunshine.
Sales of beer and wine were also up 4.1 per cent, with shoppers spending an additional €2.7 million compared to last month.
When it comes to the ongoing supermarket sweeps, Dunnes holds 23.7 per cent of market share with growth of 7 per cent year-on-year. Tesco holds 23 per cent of the market, up 7.1 per cent year-on-year.
SuperValu holds 20.4 per cent of the market with growth of 3.7 per cent. Lidl is on 13.8 per cent share and growth of 6.1 per cent year-on-year. while Aldi holds 11.6 per cent.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
