Changing price trends in the food industry in 2023

In October of this year, the selling prices in the food industry increased by only 0.7 percent compared to the same month last year, marking the lowest price increase of the year. In January, a significant increase of 18.3 percent was recorded. According to an analysis of recent CBS figures, the average price increase in the food industry for the first ten months of this year is 6.5 percent.

price developments within the food industry showed significant differences in October. For example, selling prices in the sugar industry rose by a remarkable 67.2 percent, while prices in the edible oils and fats industry decreased by 16.4 percent. Other notable figures include an increase of 24.7 percent in the potato products industry and a decrease of 16.7 percent in the animal feed industry.

Buyers of the sugar and chocolate industry feel the pain

For buyers in the sugar and chocolate industry, this year has been financially challenging, with an average price increase of 63.8 percent in the period from January to October. Other sectors that recorded double-digit figures include the flour industry (+38.1 percent), potato products industry (+33.0 percent), and meat processing industry (+16.3 percent). On the other hand, producers of oils and fats experienced a price decrease of 10.9 percent, and prices in the dairy industry decreased by 1.0 percent.

Food products for consumers a significant setback

For consumers, October means an average price increase of 7.9 percent for food compared to last year. In the same month, buyers in the food industry were only 0.7 percent more expensive. Over the first ten months of this year, the price increase for consumers averages 13.6 percent, more than double the price increase for buyers in the food industry during the same period (6.5 percent).