Private Label to Benefit from Rising Food Costs, Analyst Says
Rising commodity and transportation costs will result in U.S. consumers paying more for their food this year, according to a study released yesterday by the Port Washington, N.Y.-based market research firm the NPD Group.
“Private label will certainly benefit from this news,” says Harry Balzar, chief industry analyst at NPD. “As food prices rise people will be seeking out cheaper food options.”
Higher food prices will pressure American food buying budgets and that will mean consumers seek out coupons, buy more private label and continue the cooking at home trend begun during the recession, says Balzar.