Some sobering news for US shoppers: There’s little relief in sight on grocery store bills.
Grocery prices climbed 13.5% in August from the year before, the highest annual increase since March 1979, according to government data. Executives at large food manufacturers and analysts expect inflation to hover around this level for the rest of 2022. Next year, the rate of food inflation is expected to moderate — but that doesn’t mean prices are going to drop. Once prices hit a certain level, they tend to stay there or go up, but rarely down.
For now, consumers haven’t balked at the higher prices, noted CEO Jeff Harmening during a September earnings call. “So far, we haven’t seen really any change in elasticities, which for us was a positive in the quarter,” he said. Elasticity refers to how easily customers change their shopping behavior in response to higher prices. Consumers accepted the higher prices more than General Mills would have expected, Harmening noted.
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