Inflation Remained the Big Story for Fresh Produce in February 2022

The U.S. consumer price index increased +7.9% for the 12 months ending February 2022. This was the largest 12-month increase since July 1981, according to the Bureau of Labor Statistics. IRI-measured multi-outlet stores in the U.S., including supermarkets, club, mass, supercenter, drug, military, and other retail food stores, also showed continued grocery price inflation over and above the elevated 2020 and 2021 levels.

In February 2022, the average price per unit across all foods and beverages was up +10.3% versus the same weeks in 2021 and +16.8% versus February 2020. This means continued acceleration in the rate of inflation since the fall of 2021. For the latest 52 weeks ending February 27, 2022, prices increased +6.0% — the annualized number pulled down by much milder inflation in the second quarter of 2021. “In our February IRI shopper survey, we found that 90% of shoppers have noticed the price increases across the various grocery departments and a whopping 96% of those consumers are concerned about it,” said Jonna Parker, Team Lead for IRI. “In response, 75% of consumers have already made one or more changes to their grocery shopping, up considerably from 64% in January 2022. Additionally, consumers are pulling back on restaurant visits. This is not so much because of COVID-19, but as a means to save. Consumers are estimating that 82% of their meals in a typical week are prepared at home as of February 2022.”

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U.S. Produce Market Watch

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