In the short term, we’ll see retailers ramp up the promotion of goods to get rid of summer stock and make quick sales. However, this is not a long-term solution. With prices remaining high it is inevitable that these costs will be passed onto consumers too.

With food prices still rising significantly, supermarkets must focus their efforts on online subscription schemes to stay attractive to more digital-minded consumers and build brand loyalty, allowing them to receive monthly products and the latest deals seamlessly. This would also help to create new revenue streams, doing core business in a different, more digital way.

Of course, grocery brands can’t absorb all the inflationary costs, but they can better share the burden by becoming more agile. Stores can use AI to help align consumer demand with data-driven store assortment to support availability and maximise profit per square foot.