Grocery sales rise in August at their slowest rate in 2022
Sam Silverstein, GroceryDive
Sept. 15, 2022
· Spending at grocery stores rose 7.7% in August compared with the same month a year ago, according to estimated data published Thursday by the U.S. Census Bureau. Overall retail spending increased at an 9.1% annual rate.
· Retail grocery sales were up 0.2% last month compared with July, while total retail rose at a 0.3% monthly pace.
· Sales in the grocery sector lost momentum in August even as food-at-home prices accelerated to their highest level in more than 40 year
As consumers continue to grapple with surging costs when they visit supermarkets, there are signs the trend may have entered a new phase.
While still up sharply in August, grocery sales increased during the month at their slowest annual rate in 2022. In July, the industry’s sales rose at an annual rate of 9.2%.
Meanwhile, food prices at the wholesale level — a key forward-looking economic indicator — held steady in August after rising in July, according to Producer Price Index data released yesterday by the U.S. Bureau of Labor Statistics.
Still, food-at-home inflation has so far shown no sign of easing, rising in August to an annual pace of 13.5%. That level has moved higher every month since May 2021.
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