Gro’s Custom Price Index Application lets a user create a price index based on a food product’s key ingredients and weightings data (using historical context to the present), enabling more effective input cost management practices.
In addition to showing changes to a product’s input prices, our application gives users the ability to benchmark their product against Gro’s US Food Price Index, Gro’s US Ag Index, Gro's Brazil Food Price Index, Gro’s Canada Food Price Index, Gro’s India Food Price Index, Gro’s Turkey Food Price Index, and/or Gro’s China Ag Index as well as the ability to compare their product to a sample product index.
The ability to monitor product price changes and to compare those changes to a broader food price inflation index can help food and beverage companies determine pricing power. With our Custom Price Index Application, companies can also explore whether changing a formulation will help manage input costs, which have been rising due to supply shortages, weather issues, climate change, and other disruptive events.
The data underpinning our Custom Price Index Application is provided at daily, weekly, and/or monthly intervals, and it is then turned into line chart visualizations that can reveal trends and correlations. All price data from the application is available to download into an excel file.
Customers Use the Application to
Why It Matters
The Custom Price Index Application enables users to see the breakdown of daily product production costs over the course of the year and over time, dating back to 2017.