Supermarket sales show price hikes slowing down
Supermarkets’ revenue rise during the first half of 2024 was due to sales volume and not higher prices, data show.
Revenue rose 3% compared with the same period in 2023, to €5.86 billion from €5.69 billion. Sales volume rose 2.9%. In the first half of 2023, revenue had risen 9.6% compared to 2022, without sales volume rising at all. Prices may have kept increasing in some foodstuffs, but at a slower pace than during 2022-23.
The longer tourism peak season has also played a part in the increase of sales volume. After rising to an all-time high during the most recent inflationary spike, private label sales declined to 26.8% of the total.
In the category of non-alcoholic drinks, sales volume rose 6.6% and sales value 8.1% because the category includes coffee drinks; the price of coffee has risen significantly globally and further increases are expected.
Data show prices of foods rose an average of 0.8%, but prices of personal care and household products dropped 2.8% and 1.4%, respectively.
