As if the hurdles associated with new product development weren’t enough, last year brought even more challenges for food and beverage formulators. After the nation’s Covid-19 pandemic slowed new product projects in 2020 and 2021, an inflationary economy presented additional pricing pressures.
Last December saw Chicago retail data tracker IRI release its “November 2022 Retail Food and Beverage Price Check” report. Published on December 8, it noted that food inflation finally moderated after August and hit its slowest rate last October, at +0.3%.