Rising consumer goods prices - statistics & facts

Since April 2022, the rising inflation rate has left consumers with surging energy and household bills globally. Annual inflation has soared in major developed countries, with the United States seeing the highest levels recorded in decades. In June 2022, the U.S. Bureau of Labor Statistics reported an increase of 10 percent in the prices of food and beverages, putting an emphasis on the fact that the last time food prices increased with the same intensity was in May 1981. Since then, inflation on food has calmed down slightly, recorded at the level of 9.2 percent as of February 2023.

While the impact of the rising prices of essential items is felt more immediately In the consumer goods sector, and as a result puts more pressure on consumers, some everyday household items keep getting more expensive. In the United States, housekeeping supplies, such as cleaning and paper products increased by 10.4 percent in price compared to the same month in the previous year. In the European Union (EU), furniture and household equipment prices increased by 9.6 percent in February 2023.

Why did furniture prices rise?

A perfect storm of rising transport costs in international trade, increased energy costs facing the manufacturing sector, lingering supply chain issues caused by the coronavirus (COVID-19) pandemic, and global events are the contributing elements to the rising furniture prices. In the United States, where almost 40 percent of furniture imports come from China, the annual average Consumer Price Index (CPI) for furniture and bedding saw a steep increase in 2021, and peaked around September 2022. In the UK, price changes in the furniture sector have provided increasing contributions to the 12-month inflation rate since April 2021. In the most recently reported period, the furniture sector accounted for 0.55 percent of the overall inflation rate in the country. For comparison, this share was 0.40 percent for clothing items.

Retailers are feeling the impact of inflation

Consumers in the leading economies of the world have already had to adjust to the new reality of increasing living costs and rising prices of food and other necessities. Many consumers are either purchasing less or looking for cheaper, discounted options at supermarkets. This change in consumption behavior, coupled with transportation and energy costs of keeping shelves well-stocked in a timely manner, has hit retailers’ profits. In March 2023, the world’s leading retailer Walmart announced a decline in its operating income for Q4, but forecast a return to growth for the full financial year of 2024. Despite growth in sales, the retailer’s operating income outlook is bleaker compared to the company’s previously consistent income streak.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Tugba Sabanoglu, Mar 19, 2024

Key insights

Forecast global inflation rate 2028
3.83%
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272.24
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3.5%
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