A World Economic Forum report confirms that 2022 saw an all-time high global inflation of 8.8% – up from 4.7% in 2021. However, the report forecasts an inflation drop to 6.5% in 2023 and 4.1% by 2024. On the other hand, FAO’s food price index hit 143.7% in 2022, up from 14.3% in 2021, the highest since the records began in 1990. These stats support Attest’s survey, which indicates that 90% of shoppers are bargain-hunting grocery shopping. Further, more than 40% search for the best deals in multiple stores.

So it’s no surprise that private label brands still dominate despite the persistent global inflation and soaring commodity prices. The same Attest survey confirms that 73% of customers prefer store brands, and only 9% prefer otherwise.