According to Kantar data, grocery prices in Ireland have increased by 4.96% as of May 18, surpassing the general inflation rate of 1.4%. Dairy products, including butter, saw significant price hikes, with butter prices increasing by over 26%. The rising costs have prompted changes in consumer behavior, with shoppers spending an additional €124 million on promotional items. Kantar's Emer Healy noted a tipping point in inflation levels affecting consumer spending. Supermarkets are now adapting their strategies to lure customers with quality products at competitive prices, as demonstrated by the market shares of major chains, including Dunnes and Tesco.
Rapidly rising food prices have caught many shoppers off guard this year, with notable spikes like butter prices surging over 26% over the past year.
Although households have been adjusting their spending for some time now, we are seeing a clear 'tipping point' when inflation goes above 3pc to 4pc.
As a result, supermarkets are having to be more creative in how they attract shoppers in-store and online, by offering quality products at the right price.
The latest Kantar data shows Dunnes Stores holding the top spot as Ireland's busiest grocery chain with a 2.38pc market share.
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