The April Marketplace
The deceleration of the rate of inflation continued in April 2023. “After many months of double-digit increases, we found that the increase in the price per unit for total food and beverages averaged 8.2% in April 2023 compared with April 2022,” noted Jonna Parker, Team Lead, Fresh for Circana (formerly IRI). “At the same time, this is 23.1% above the April 2020 levels — illustrating that inflation continues to take a big bite out of American households’ paychecks.” Additionally, the temporary Supplemental Nutrition Assistance Program (SNAP) emergency allotments (EAs) — a temporary benefit increase that Congress enacted to address rising food insecurity and provide economic stimulus during the COVID-19 pandemic — ended in March 2023. The average SNAP recipient person receives about $90 a month less and households receive at least $95 less up to reductions of $250 per month.
The April Circana sales results and survey of primary grocery shoppers underscore that economic pressure on income continues to result in consumers moving around dollars between channels, products and brands.