Revolut customers spending 6% more per transaction on groceries as food prices outpace general inflation

New findings come as CSO figures show food inflation is now running at twice the general rise in price levels

Revolut also noted a more than 6.5% monthly decrease in the average spend per transaction by customers in restaurants this April, with a further 4% drop in May.

Consumers spent almost 6% more per transaction on groceries in compared with the same period last year, new findings from Revolut show.

It comes as food inflation is now running at twice the general rise in price levels, according to new figures from the Central Statistics Office (CSO).

In addition to the rise in the average cost of grocery transactions, Revolut also said total spending on groceries peaked in May, rising by over 14.5% when compared with May 2024, even with figures adjusted to allow for Revolut customer growth in that time.

With food prices surging, consumers are also spending less money over the last couple of months when dining out. Revolut also noted a more than 6.5% monthly decrease in the average spend per transaction by customers in restaurants this April, with a further 4% drop in May.

“This is the highest jump in grocery spending we’ve seen in the last twelve months,” commented Malcolm Craig, General Manager at Revolut Bank UAB, Ireland Branch.

“With over three-quarters of the adult population banking with us, this data is a clear indicator that while grocery prices are rising, consumers are also choosing to spend more of their disposable income in the supermarket, and tightening the purse strings when eating out too.

“As a result, consumers are looking for ways to better manage their finances as they grapple with rising inflation."