The number of consumers expecting grocery prices to fall has almost halved since January, according to IGD’s ShopperVista survey.
- Following a peak this January, a decreasing number of shoppers expect food prices to fall in the year ahead (13% now vs 23% in January).
- Although this is a fall in recent figures, it is still significantly higher compared with September 2010 when just 3% of shoppers said the same.
- Shoppers’ future inflation expectations are aligned to consumer price index (CPI) figures - as food prices decrease, the number of shoppers expecting food prices to get cheaper in the coming year increases.
- Looking ahead, further oil price falls and forecasts for stronger global harvests will put more downward pressure on food prices, which is good news for shoppers.