Inflation hitting hard on groceries in Finland

Grocery revenue in Finland has grown by +1,2% during the first half of 2022. With inflation running high (+9,2%), the grocery industry’s revenues are declining in real terms.

Especially heavily hit by the inflation are fish & coffee and also meat categories. Somewhat surprisingly prices have gone down for vegetables.

The only categories where revenue growth is exceeding the inflation are baby food, ready to eat meals and waters & soft drinks. Interestingly non-alcoholic drinks are growing rapidly (+10%), whereas alcoholic drinks are declining (-7,7%). This is probably a result of restaurants opening up compared to the pandemic influenced H1/2021.

Also declining are meat and fish categories, which have seen high price growth. Interestingly revenues of fruits and vegetables have been declining in revenue.