Inflation-weary American shoppers are reducing their consumption in some food and beverage segments due to rising prices, according to market intelligence company IRI OmniMarket Integrated Fresh of Chicago.
Overall, the Thanksgiving meal will be nearly 15 percent more expensive compared to last year. Main drivers for the inflation are pies and side dishes, which are nearly 20 percent more expensive than last year, as well as proteins, which are up almost 10 percent in price compared to last year.
In seafood, the average price of fresh salmon rose nearly 13 percent to $10.70/lb in the first nine months of the year compared with the same period last year. The rest of the fresh seafood category saw prices go up by 10 percent to $9.37/lb on average. Both categories saw a contraction in the volumes sold.
Chris Dubois, senior vice president in charge of animal protein practice at IRI expects sales to rebound a bit as prices to moderate around the Christmas and New Year’s holidays.
