Market analysts estimate that high prices in supermarkets will be maintained in 2024, seeing the average price increase at 4.5% for the next year. However, prices are expected to start de-escalating in the new year, as they said, however, “they will never return to the levels of 2020.”
More specifically, in the context of the 14th Conference entitled “Intelligent Retail for Smart Shoppers” organized by the Consumer Goods Retail Research Institute (IELKA), Dimitra Katsipi, Sales Director of Circana, presented the forecasts for 2024 which, as she pointed out, “will remain inflationary.”
According to Circana’s forecast, the average price increase in 2024 in the domestic basket will range close to 4.5%, which is mainly determined by the food category – constituting 75% of the total turnover – where the average price increase is expected to be close to 4.6%. Even higher is the average price increase in the category of household cleaners (5.7%) while personal hygiene and beauty items are estimated to be higher by 4%.
The rates of price increases forecast by Circana indicate a trend of slower increases compared to 2023, when the overall rate of all basic consumer products (FMCGs) stood at 7.3%.
