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The surge of coronavirus-inspired grocery sales is showing signs of settling down, according to the latest sales figures from Nielsen.
U.S. packaged food sales rose 24% for the week ended April 4 compared to last year. While it’s still an increase, the rate of increase was below the 32% registered a week earlier. Sales of pantry staples like canned soup, pasta and beans were all down.
Analysts attributed the slowdown mainly to the end of the wave of panic buying that first greeted the virus crisis. In addition, some grocery stores are limiting hours or the number of customers allowed inside, further constricting sales.
“once everybody had stocked their fridges and there’s not this panic buying, it’s just going back and filling the gaps,” Mary Ledman, a global dairy strategist at Rabobank, told Reuters.
Meanwhile, the lack of demand on foodservice continues to weigh on the industry. Rabobank estimates that every 10% decline in foodservice sales translates only to a 3% gain in retail.
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