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Grocery prices surged 14.3% in May versus last year, study finds

·Markets Reporter
·2 min read
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The price of groceries rose 14.3% during a four week period ending May 29 versus a year ago, according to new data from market research firm Numerator.

"May grocery inflation reached record highs," said the study. Numerator looked at last month's purchase data from 100,000 individuals and compared that to last year's prices.

Grocery inflation was highest in the online and dollar channels with a rise of 22.5% and 19.5% respectively from a year ago, according to the figures.

Last week's Consumer Price Index released by the Bureau of Labor Statistics highlighted a similar trend.

The government's data showed the cost of food at home in May increased 11.9% over the last year. Meats, poultry, fish, and eggs rose 14.2%, while egg prices increased 32.2% over the same period. Overall consumer prices in May rose 8.5%, according to the BLS.

The rate of inflation for household items also reached new highs in May, Numerator's data showed, as prices for those goods were up 15% compared to the prior year period. Meanwhile health & beauty prices showed signs of stabilization, rising 9.7% against last year, down from early 2022 levels when this category saw prices rising closer to 14% against 2021.

The consumer's reduced purchasing power was also having a negative effect on how wealthy they feel, Numerator found. The firm's data showed individuals who rated their financial situation as “good” or “very good” decreased from 52.3% in early April, to 48.8% in May.

Consumers who said their financial state as “poor” or “very poor” rose from 11.6% in April, to 14.9% in May.

This decline tracks with recent consumer sentiment data from the University of Michigan, which fell to a record low last week as consumer inflation expectations surged to a record high.

Ines is a markets reporter covering equities. Follow her on Twitter at @ines_ferre

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