Inflation Insights | June 2023 | Request the Report
June brought welcome relief to inflation-fatigued shoppers across most major markets, with inflation rates dropping across mainland Europe and North America and Effective and Everyday prices remaining largely stable.
Inflation Snapshot
Effective and Everyday items have remained consistent since April. While Everyday prices saw a slight increase in June, Effective prices are down for most grocery retailers.
Department Highlights
The overall inflation for consumer packaged goods (CPG) has dropped to +6%, led by significant rate drops in Edibles and Perishables. Dairy decreased from +16% to +2% in just 12 weeks.
Channel Shifts
Grocery store trips have been increasing YoY and have increased further over the last 6 weeks, while other channels saw the YoY Product Trip index decline over the same period.
Global Trends
Inflation rates are down across the United States and mainland Europe, but UK shoppers are still waiting for respite – inflation in the United Kingdom is holding steady +12%.
Regardless of external market conditions, the right combination of omnichannel competitive intelligence and Pricing Science can help you increase your margin, maintain consistent revenue growth, and increase customer loyalty.
- Leverage omnichannel comp monitoring and Machine-learning powered Product Linking to track your product catalog against like-item competitive offerings and respond to competitors’ online and store-level tactics.
- Use Price Image to objectively identify the items that most directly influence customer perception, then optimize these items to increase trips and satisfaction while defending margin across the store.
- Balance short-term profits with long-term success by optimizing prices toward Price Image and boosting trip frequency and share-of-wallet.
Click here to request access to the full report and learn how Engage3’s Price Optimization and Competitive Intelligence solutions can help you fuel sustainable growth in any market.
