In a press release from the beginning of 2024, ICA announced that they would make broad price reductions, especially on everyday food items that customers often buy, starting from March this year.
– 2023 was a challenging year for both ICA and consumers. We know that our customers are having a tough time financially and then you look extra carefully at the price tag when shopping. Together with the ICA traders, we are now taking a big step to better meet customers’ needs and improve our price picture in the long term, said Eric Lundberg, CEO of Ica Sweden.
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Ica’s food prices continue to rise
But now it can be stated that the prices have not been reduced, despite the promise. Instead, food prices have increased in several places, according to a review from Food price check.
In April, Ica’s prices increased by an average of 0.2 percent, instead of falling from March as promised.
– Each percentage point in price increases means approximately three billion kroner more expensive daily goods, so these are quite large sums, although in recent years we have unfortunately seen significantly higher increases than that. In total, this is a 23 percent increase in food-related products since January 2022, says Ulf Mazur, CEO and founder of Food price check.
The foods that have increased the most in price are dairy products.
Photo: Fredrik Sandberg /TT
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ICA increased turnover by SEK 37,150 million
In connection with the increase in food prices, ICA has reported that they received large profits.
At the end of April, ICA announced in a press release that the entire group’s net sales for the first quarter of 2024 increased by 7.4 percent to SEK 37,150 million compared to the same period in 2023.
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