We’re talking inflation. Consumer Price Index data was just released for November, and we’re seeing food-at-home price increases really, largely driven by increases in four of the six major grocery store food group indexes: fruits and vegetables (up 1.4%); cereals and bakery products (up 1.1%); dairy and related products (up 1%), and nonalcoholic beverages (up 0.7%)
Even though the index for meats, poultry, fish, and eggs fell slightly (0.2%) in November, our own recent poll around inflation category pain found overwhelmingly that it's higher ticket meats that are still hurting retailers. A dairy clerk from Hy-Vee also commented saying that egg prices have been “ridiculous.”
So how have retailers been responding to inflation and inventory mismatch from a pricing perspective?
Supermarket News tuned in with Matt Pavich, senior director of retail innovation at Revionics, an AI-driven price optimization solutions company, to talk pricing strategy, price perception, and how retailers can be optimizing their efforts. Pavich is also a former merch buyer for Target.
Take a listen.