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In today’s FMCG environment, growth figures alone don’t tell the full story. Across Western Europe, inflation continues to distort market performance, making it harder for manufacturers and retailers to understand whether growth is being driven by rising prices or real consumer demand.
With ongoing pressure from supply constraints, geopolitical instability and commodity volatility, businesses need a clear and trusted view of inflation, shopper response and volume performance to make the right commercial decisions.
The NIQ EU5 Inflation Barometer provides a monthly, harmonized view across France, Germany, Italy, Spain and Great Britain, helping brands and retailers:
- Measure true inflation and monthly price changes
- Understand how shoppers are adapting their purchasing behaviour in response to inflationary pressure
- Quantify the impact on sales volumes and growth
- Benchmark FMCG performance across countries, sectors and categories
Powered by the NIQ Full View™
Built on the combined strength of NIQ Retail Measurement Services, Consumer Panel Services and Strategic Analytics & Insights, the Inflation Barometer goes beyond traditional market tracking to provide a complete picture of market performance. By linking retail sales, consumer purchasing behavior and advanced analytics, it enables brands and retailers to separate inflation-driven growth from genuine market momentum and make decisions with greater confidence.
Now available: August Report
The first edition of the NIQ EU5 Inflation Barometer reveals a slowdown in FMCG inflation across Western Europe’s largest markets. By May 2026, EU5 FMCG inflation had slowed to +1.1%, reaching its lowest level of the year as pricing pressures eased across most markets.
While inflation is cooling at a regional level, the picture varies significantly by country. Great Britain remains the clear outlier, with FMCG inflation holding above 2%, while France has moved back into deflationary territory. Across continental Europe, a growing gap is emerging between FMCG inflation and broader consumer inflation, suggesting that supermarket pricing is no longer moving in line with wider economic trends. Shopper behaviour reflects these changing conditions. By analysing changes in promotional purchasing, retailer and brand choice, private label engagement, category participation and purchase volumes, the Barometer uncovers the key behaviours shaping FMCG growth across EU5 markets. This provides critical context to inflation trends, revealing how consumers are adapting their spending decisions in response to changing market conditions.
The findings highlight how inflation may be converging at a regional level, but shopper responses and category dynamics remain highly market-specific, creating different opportunities and challenges for manufacturers and retailers across Europe.
Benjamin Cawthray, Western Europe Consumer Panel Client Director
Download the August Report
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