The retail food industry faced challenges and opportunities in 2022. This year brought continued COVID-19 pandemic disruptions and rising financial pressures from inflation, dramatically driving up costs for both retailers and consumers. The Consumer Price Index for all consumers rose more than 0.4% since August, and all prices were up 8.2% year-over-year, according to the U.S. Bureau for Labor Statistics. Inflation slightly exceeded expectations of 8.1% annually.
The report showed all six major grocery store food groups saw higher prices, with cereals and bakery products costing 16.2% more than a year ago. Dairy and related products cost 15.9% more, and the remaining grocery store food groups posted increases ranging from 9% on meats, fish, and eggs to 15.7% for other food products, BLS reported. Restaurant food costs rose 13% year-over-year, which was also pushed higher by expanding free lunch programs at many schools, BLS said.
Given this backdrop, 2023 is poised to be an incredibly important year for the industry as grocers and retailers look to: not only navigate but also thrive in this rapidly shifting landscape. From leveraging new data and technologies to prioritizing environmental, social, and corporate governance (ESG) accountability, below are four predictions for what’s ahead in 2023 and beyond.
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