At 9.5% the weighted average price increase of FMCG products in the first five months of 2023

Thursday, July 20, 2023

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It is noted that the corresponding increase in sales value in the first quarter of the current year was 7.7%. However, let’s not forget that food inflation ran at 11.4%, according to the Hellenic Statistical Authority (ELSTAT). According to ELSTAT, the General Consumer Price Index increased by 1.8% in May, while Circana in its May Market View records a 4.7% increase in inflationary pressures in the first five months of this year compared to the first quarter.

Overall, in fast-moving consumer goods (FMCGs) Circana saw sales value growth of 12.4%, higher than April’s 11.6% and significant as upward trends in food inflation slow. Indeed, FMCGs price growth in the first five months of this year reached 9.5%, down slightly from 10% in the first quarter of 2023.

Among all fast-moving goods (FMCGs), food, barcoded and on-scale products combined, account for 81.5% of total sales value, up from 81.7% in March this year. In the first five months of 2023, barcoded packaged food increased its sales value by 9.1%, compared to a marginal decrease of 0.1% in the first five months of 2022. Accordingly, a 9.8% increase in its sales value was received by weight products compared to 8.8% in this year’s first quarter. One of the reasons that led to the further increase by one percentage point was Easter this April.

Increase per piece and increase in value per individual food category

Unit sales of FMCG products raised by 4.1% in May 2023, i.e., for the second month in a row, after April’s 2.2%, which followed the 5.4% plunge in March. Among the various categories of fast-moving goods, health and beauty products led the increase in units, by 2.6%, household FMCGs showed a decrease in total units sold by 0.7% and a marginal increase, of just 0.1%, for food-related FMCG products.

One of the most notable increases in sales value across individual food categories, according to Circana’s Market View, is for snacks, which grew 13.9% in the five months versus 10.4% in the quarter. By the same token, frozen foods saw sales value rise by 8.2% in the five months of 2023, compared to 6.3% in the quarter, and cooking supplements increased by 6.6% to the end of May, compared to just 2.9% in first quarter of 2023. The biggest slowdown in sales value growth is shown by alcoholic beverages in the first five months of the current year, by 4.4%.

Source: Food Reporter #0994/2023-07-13