Grocery prices climbed by 6.8 per cent in the 12 weeks to the end of February in Irish supermarkets according to fresh data from Worldpanel by Numerator.
The retail analysts put grocery inflation at 6.8 per cent, the same as the rate recorded a month earlier although the data was collected in the weeks before the US and Israel launched their attack on Iran which means the current conflict is not reflected in the figures.
Even at a period of relative calm on the global stage, inflation was still climbing and while the 6.8 per cent rate of grocery inflation is considerably lower than rates of close to 17 per cent that were recorded at the height of the cost-of-living crisis in the summer of 2023, the latest increases are on top of the earlier hikes.
The cumulative impact will see many households worse off by in excess of €3,000 over the course of a year when compared with the period before the cost of living crisis began in late 2021.
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According to the new figures, take-home sales at Ireland’s grocers increased by 4.8 per cent in the four weeks to February 22nd as shoppers stocked up for a busy month of celebrations, with Shrove Tuesday, Valentine’s Day and the Six Nations Championship all taking place or continuing over the research period.
“Although shoppers are still feeling the pinch, this doesn’t mean that they have stopped turning to brands they know and trust, which highlights just how much shoppers value familiarity,” said Eimear Faughnan, head of retail for Ireland at Worldpanel by Numerator.
Despite this, own label continues to perform strongly, with year-on-year growth of 2.9 per cent.
The strongest growth has been observed in premium own label, with shoppers spending an additional €8.7 million on these ranges versus last year. Own label now holds 44.6 per cent of value market share, down from 45.6 per cent last year.
Spending across popular products associated with Valentine’s Day increased across the board over the four weeks, as Irish shoppers chose to indulge at home.
Value growth in confectionery chocolate increased by 21.5 per cent, champagne and sparkling wine by 15.8 per cent and wine by 31.3 per cent. Boxed chocolates, typically a popular Valentine’s Day gift, gained new shoppers, increasing by 4.5 percentage points.
Despite the uptick in sales across these two alcohol categories, demand for low- and no-alcohol options continued with spending on the category totalled €2.2 million, up 46.1 per cent on last year
Dunnes Stores remains the top dog in the store wares with a market share of 24.5 per cent share over the 12 weeks to February 22nd, with value sales up 4.9 per cent year on year.
Tesco’s share increased by 0.3 percentage points in the latest period, growing ahead of the market at 6.7% and taking its share to 24.2 per cent.
SuperValu saw 0.5 per cent value growth, with 19.5 per cent share while Aldi grew by 1.4 per cent, market share of 10.5 per cent. Lidl posted double-digit growth for the third consecutive period, with growth of 12.2 per cent contributing to its share increasing by 0.8 percentage points to 13.6 per cent.
