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Prices in stores in May 2024 – retail price index

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In May 2024, daily purchases in stores increased by 2.9 percent compared to prices in the same month a year ago – according to the “Retail Store Price Index” conducted by UCE Research and WSB Merito Universities. The prices of sweets and desserts increased the most.

In April, prices in stores increased by 2.4%. In turn, in March this year the prices of the most frequently purchased products increased by 2.1% year on year. The results of the last three months clearly show that the dynamics of price increases has resumed.

May shopping bill

Analysis of over 68.4 thousand retail prices showed that in May 2024, daily purchases in stores became more expensive on average by 2.9% y/y. This time, more categories than in April or March showed single-digit growth y/y – twelve out of seventeen monitored. The double-digit increase covered one group of products – sweets and desserts, which increased in price by 12.9%. y/y.

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The group of products whose prices increased the most also included: household chemicals – increase by 9.7%, Alkohol free drinks – 6.3 percent, food additives – 5.9 percent and also bread – 4.9 percent The data shows that the reintroduction of VAT on food was reflected in an increase in costs, the authors of the analysis pointed out.

– The three-month results indicate a change in the trend – from deceleration to acceleration of price growth in retail stores. There are many reasons for this situation. On the one hand, there are rising production costs and wages, and on the other – disruptions in supply chains and seasonal fluctuations. Unfavorable forecasts also matter. When the market believes that the costs of doing business will continue to increase, sellers may raise prices to protect themselves against their increase, commented Dr. Joanna Wieprow from WSB Merito University.

The report showed that in May this year out of 17 monitored categories, 12 showed a single-digit increase y/y (in April – 10, in March – 8). The double-digit increase y/y concerned 1 product group (2 in April and 1 in March). Other categories recorded declines y/y.

– The increase in the number of categories with single-digit growth suggests that prices are mostly stabilizing at the level of moderate increases. This may mean that they are starting to level out after a period of greater fluctuations, and companies are adapting to the new cost reality. In turn, only one double-digit increase means that an extremely rapid price jump may indicate some stabilization in the most susceptible to inflation categories – said Dr. Wieprow.

These products have become the most expensive

In May, the prices of sweets and desserts increased the most (an increase of 12.9% y/y) – in April they increased by 10.6% y/y, and in March – 9.6%. – The pay rises are getting bigger and bigger as a result of rising raw material prices. Unfortunately, supply problems cocoa and sugarresulting from climate change, they will not disappear. The unpredictability of the weather will further deteriorate crops and increase prices, noted Dr. Hab. Sławomir Jankiewicz from Merito University.

In the opinion of the report's authors, the increase in prices of household chemicals is caused primarily by the increase in the costs of raw materials, such as crude oil, natural gas and vegetable fats. – This happens, among others, as a result war in Ukrainesupply chain disruptions and growing demand from the world China – explained Joanna Wieprow.

The data used in the report comes from an analysis of the average price value recorded month by month and year by year. The latest report compared the results from May 2024 and the same period in 2023. It concerned 17 categories and 100 everyday products most frequently chosen by consumers. In total, over 68.4 thousand items were compared. retail prices from over 31.7 thousand stores belonging to 56 retail chains. The study covered all discount stores, hypermarkets, supermarkets, convenience and cash&carry chains that reach the majority of consumers in Poland with their offer.

Main photo source: Adobe Stock

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