Retail shop prices rose by an average of 3.9% y/y in February 2024, according to a report by UCE Research and WSB Merito University. In the previous two months, the increases were respectively: 4.8% and 5.6% y/y.
The analysis of nearly 60,000 retail prices showed that daily shoppers’ purchases in shops became more expensive on average by 3.9% y/y in February. Thus, the decline in single-digit price growth continued for another consecutive month. Of the seventeen categories analysed, only two rose by double digits. Ten showed single-digit increases and five showed decreases, it was reported.
Across the board, the biggest gainers are food additives, i.e. ketchups and mayonnaise, among others – 12.1% y/y. The TOP5 y/y rises also see sweets and desserts again with 10.5%, household chemicals with 9.4%, soft drinks with 8.7%, and personal care products with 8.4%. In contrast, fatty foods are the most in the red, down 16.7% year-on-year. The remaining declines range from 4.4% to 0.4% y-o-y, according to the report.
In February, 10 of the 17 monitored categories showed single-digit y/y increases (January – 8 categories). In addition, double-digit increases were recorded for 2 groups of goods (previously – 5). On top of this, 5 decreases were recorded (previous month – 4).
The single-digit price increases of 10 categories are directly related to the downward trend of inflation and the stabilisation of some of the factors causing large increases. Of course, some groups of goods will continue to record high jumps, but the time of double-digit increases in most categories is over,” said Dr Artur Fiks of WSB Merito Warsaw University commented.
The ‘Retail Price Index’ study looked at 17 categories and nearly 100 of the most frequently chosen everyday products by consumers. A total of more than 59,900 retail prices from over 27,600 shops belonging to 55 retail chains were collated.
Source: UCE Research, WSB Merito University and ISBnews
