[Inflation barometer] Eurozone: FMCG prices rose in 2023 and remain 2 times higher than in the USA

Despite a slowdown in inflation in recent months, the gap between food inflation and overall inflation (measured by the HICP, which includes products and services) remains wide. Ira Kalish, Chief Economist at Deloitte, and Emily Mayer, Director of Business Insights at Circana, shed light on the key figures in the annual inflation review for Europe and the USA.

Through . Published on 17 May 2024 à 18h16 - Update on 17 May 2024 à 18h19

The year 2023 was a brutal one for the retail sector, with consumers having no choice but to consume differently. In the USA, and even more so in Europe, inflation remained high, prompting consumers to change the way they consume, and to do so for the long term. To measure inflation, mind Retail uses Eurostat’s HICP (Harmonized Index of Consumer Prices, which covers products and services consumed by households) as a year-on-year indicator.

HICP: Almost twice as much inflation in Europe as in the USA in 2023

In the Eurozone, the HICP rose by 5.4% in 2023, after +8.4% a year earlier. This represents a drop of 3 points in one year.…