Source: https://chainstoreage.com/
Low-Income consumers are most impacted by inflation, paying 12.8% more for groceries than a year ago, according to a report by Numerator.
A new study confirms that prices of everyday goods have risen significantly – but not the same for everyone.
In February 2022, consumers paid more for their everyday goods, including groceries, with prices up 11.5% over a year ago and up 18.2% over two years ago, according to Numerator’s Inflation Insights Price Pulse study. The biggest increase in grocery prices was seen in dollar stores, with prices up 14.3% over the year-ago period. In the first two months of 2022, online grocery prices spiked 12.4%.
Low-income consumers are most impacted by inflation, paying 12.8% more for groceries than a year ago. This compared to middle-income (up 11.4%) and high-income consumers (up 11.1%).
[Read More: NRF chief economist talks about inflation]
In its Inflation Insights Price Pulse, Numerator quantifies price changes during the past three years, providing an omnichannel view of rising prices and detailing channel-specific views and consumer demographic segments.
Other insights from Numerator are below.
Minority consumer groups have been impacted the most by rising prices, with Asian consumers seeing the largest price increases – up 12.4% – per grocery item. This was followed by Hispanic/Latino consumers (up 11.9% per item) and Black consumers (up 11.8%). White/Caucasian consumers saw the smallest increase (up 11.3%).
Gen Z consumers are facing a more significant inflation increase (up 13.5%) for groceries than millennials, Gen X, and boomers (up 11.3%).
Household items saw the sharpest increases in prices, rising 15.3% over a year ago and 24% over two years ago, across all categories.
Health & beauty items (up 11.2% over a year ago and 21.9% over two years ago) saw price increases throughout the second half of 2021, but growth has decelerated in 2022.