By Michael Boyle
Source: Bloomberg
Supermarket prices are rising, and restaurants are reopening. But Americans keep stocking up on groceries.
Grocery sales accelerated in late May and early June, according to Nielsen data cited in a Morgan Stanley note. That’s despite restaurant revenue growth turning positive in April for the first time during the pandemic. Meanwhile, supermarket prices are up 15% on average versus before Covid-19. More than a third of Americans said they’re still buying more groceries in the first quarter of the year, with only 8% saying they’re purchasing less, according to a survey from researcher Jungle Scout.
