Supermarkets Limiting Discounts Amid Soaring Food Inflation
While food prices remain elevated and customers look for cheaper deals, supermarkets have begun to limit the discounts they provide and are running fewer promotions.
In the third quarter, food and beverage products were sold with a 20.6 percent price reduction on average, which is less than the 25.7 percent discount during 2019, a Wall Street Journal report said, citing data from research firm Information Resources Inc. (IRI). Except for meat, promotional levels for all grocery categories are down when compared to 2019.
The rate of 12-month food inflation rose by 11.4 percent in August, according to data from the U.S. Bureau of Labor Statistics (BLS). This is up from 3.8 percent in January 2021, when Joe Biden assumed the presidency….