Accuracy: The price evolution index in supermarkets was maintained in February 2024

The price evolution index was moderated in February 2024 with products increasing on average 2.75% compared to February 2023. The apparent holding of the price evolution index in supermarkets in February 2024 shows that inflation in supermarket chains is of the order of 2.75%, compared to 3.00% in January 2024, according to a survey by the Institute for Retail Consumer Goods Research (JELKA) on inflationary pressures in the food retail trade. It is noted that in dairy products, the reductions recorded are the result of both normalisation of the market after pandemic and reduction in producer prices in certain products. With regard to fresh fruit and vegetables, increases in product prices are recorded throughout 2023 as a result of increased production costs, extreme climatic phenomena and international raw materials prices. Greater price reductions are recorded in the categories: Cheese: -3.70% Dairy: -3.39% Papers, cosmetics & personal hygiene products: -1.22% Single-use items: -0.37% Eggs & butter: -0.10% Larger increases are recorded in categories: Pets: +11,20% Waters and soft drinks: +11,20% Fresh fruit and vegetables: +7,46% Biscuits, chocolates, sugar confectionery: +6,78% Dry fruits and snacks: +6,67% The chocolate category has been affected by increases in international prices of cocoa and sugar. Please note that the category ‘food groceries’, which includes oils, records an increase of 4.41%. Its moderate increase is due to reductions in the prices of other oils, but also to the other products involved in this category (but not including pasta, rice, etc.). The reasons for the moderate price increase in supermarkets: Gradually deescalating inflation. Prices have been stabilising over the last few months in large food stores due to large volumes of products being traded, economies of scale, their organisational/technological readiness and the range of private label products. High inventory speed. Price restraint appears much faster at large points of sale due to higher stock traffic. In other words, they move their stock faster and make new markets more quickly for replenishing stocks. Offers and discounts. Offers and discounts on the organised retail channel are more in number, intensity and percentage discount, which affects the final prices of the products. Effect of private label products. Private label sales shares are larger in large supermarket chains due to a larger code range.