The National Association of Small Businesses (ANPEC) has announced that more than 10 beer brands on the market will increase their prices due to inflation.With an average consumption of 55 to 68 liters per year, beer is one of the most consumed beverages among Mexicans. At the same time, it is also one of the most inflation-hit products.
Beer prices in Mexico rose 11.7% in October, the biggest increase in the beverage’s price in 12 years, according to national statistics agency INEGI. Despite a national inflation rate of 8.5 per cent, INEGI figures show beer prices have risen faster than inflation over the past four months.
Globally, beer has also suffered from inflation. According to the Beer Index (executed by investment firm eToro), the cost of beer production has increased by 62% in the past two years. Prices for commodities such as water, malt, sugar, yeast and hops soared, along with aluminum (used to make beer cans) and gasoline (used to transport the product). The war in Ukraine and shortages of glass to produce bottles were also major factors.
If the economy shows no signs of recovery, prices will continue to rise throughout 2023. But, inflation has not reduced beer consumption in Mexico, which ranks 30th in the world for beverage consumption. Despite positive trends in the industry, it has yet to recover from the impact of the pandemic. The group acknowledged a likely slowdown next year. Yet, projected purchases and the state of the beer production chain going into 2023 present a promising outlook.
Heineken, the world’s second-largest brewery, has also announced it will raise prices next year to offset rising raw material and energy costs, especially in Europe.
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