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Price of groceries set to fall over the coming weeks

May 12, 2023 07:48 By News Northern Sound
Price of groceries set to fall over the coming weeks
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We have seen that the first mover advantages are the retailers that have reduced their own-brand products.

A food economist says prices will fall across numerous grocery products in the coming weeks. Retailers have been battling it out with each other, cutting the price of milk, bread and butter.

Despite the price reductions, the cost of these household staples are still substantially higher than they were in the recent past.  Professor Thia Hennessy, chair of Agri-Food Economics at UCC, says retailers have more control over the price of their own brand products.

"We have seen that the first mover advantages are the retailers that have reduced their own-brand products. They have more control over the cost of these products and the prices. When it comes to branded products from major companies, it may take more time for those types of products to be reduced and passed on to customers," she added.

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