Food Inflation: What to Monitor, What to Expect

It is happening globally. The steady increase in food prices, caused by a myriad of global movements and changing economic circumstances, has adversely affected price-taking countries like Trinidad and Tobago.

The COVID-19 pandemic, the crash of world energy prices, supply chain issues, the ongoing war between Russia and Ukraine, and severe weather conditions in several grain and wheat-producing countries, have created a perfect storm, that has left food producing and food buying nations reeling.

While the Government of Trinidad and Tobago and sections of the private sector and civil society, have taken steps to try and ease the burden of food prices, the public continues to feel the pinch. The Central Statistical Office reported in March 2022 that prices of food and non-alcoholic beverages were on average 7.92 per cent higher than in March 2021.

The latest impact was the announcement by the National Flour Mills (NFM) of the increase in the price of wholesale flour by 33 per cent, due to the increase in world wheat prices. As expected, the announcement led to the attendant increase in the price of flour-based products, such as baked goods, across the country.

The feedback was swift. Social media lit up with conversations about the prevailing economic circumstances and the impact on families, lives and livelihoods. Shock, dismay, concern for the future; but also importantly, informed discussions and online exchanges about food security and finding alternative sources for traditional staples were the order of the day.

For companies operating in the retail food sector (and even in other sectors), employing the right social listening tools and approaches allows you to develop a keen sense of how the market is responding to trends and developments in your sector. You stay in the know about where conversations are heading and what customers are feeling, which can inform your own strategic decision-making about how your Brand will adapt or respond.

Social listening, alongside media and advertising monitoring is proactive. It allows you to cut through the noise on socials and actively monitor conversations across the many networks to understand what is being said about your brand and products, what is said about your competitors and other industry-related or regular keywords.

To what extent are customers willing to consider wheat flour alternatives? Do they understand the cost implications relative to even the new price of wheat flour? Do they know the health properties of the different types of flour on the market?

These are all questions that can be answered by employing sound social listening tools which help you to make better strategic decisions about the products and services you provide.

When you are proactive, you can build trust and confidence in your Brand, and refine your business strategies and objectives, so that you can connect with your customers in ways that resonate with them. Social listening is more than just media monitoring which refers to responding to customer queries and comments; social listening is strategic.

Media InSite Ltd. utilises a suite of social listening tools to help clients cut through the clutter and to understand how their brand is showing up across social media. Contact us today to find out more about what we can offer your business.

Food Inflation: What to Monitor, What to Expect

Nicole Duke Westfield- Communications Consultant

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