Campbell’s Tomato Soup Prices Explode Higher

Price increases promised by Campbell Soup (NYSE: CPB) CEO Mark Clouse back in December 2021 arrived at grocery stores across the United States in February 2022. We're seeing price hikes of 19%-25% for Campbell's condensed tomato soup at major grocery store chains, which rank among the highest nominal price increases recorded in the product's 124 year history.

The most notable shelf price inflation for products like Campbell's Condensed Tomato Soup have taken place at Walmart and at Kroger locations across the U.S. The following photos document the new non-discount shelf prices our field correspondent indicates have taken effect this month at their local Walmart supercenter and Kroger-family supermarket:

Walmart (February 2022):

Walmart, Campbell's Condensed Tomato Soup Shelf, Snapshot on 11 February 2022

Kroger (February 2022):

Kroger, Campbell's Condensed Tomato Soup Shelf, Snapshot on 5 February 2022

Walmart has increased its price from $0.98 to $1.17 per 10.75 ounce can, an increase of 19.3%. Kroger's new price is listed as 4 cans for $5.00, which works out to $1.25 per can, a 25% increase over its previous shelf price indicating 10 cans could be bought for $10.00 (or $1.00 per can).

These price changes are significant to American consumers because Walmart sells the most groceries in the U.S., while the Kroger family of grocery stores is considered to be the largest supermarket chain (Walmart's stores fall into a different retail classification, otherwise it would rank at the top). Together, Walmart and Kroger are the top sellers of groceries in the United States.

Since we survey Campbell's tomato soup prices at many more than just two sellers, here's the summary of prices we surveyed at ten major retailers in February 2022 ranked by seller according to their annual sales, along with the change in price at each since our previous snapshot. The most important thing to note is that the discounted sale price per 10.75 ounce can ranges from $0.99 to $1.49 per can, as discounted sale pricing below $0.99 per can has mostly disappeared in American grocery stores:

  • Walmart: $1.17/each, up $0.19 (+19.3%)
  • Amazon: $0.99/each, up $0.10 (+11.2%)
  • Kroger: $1.25/each, up $0.25 (+25%)
  • Walgreens: $1.50/each, up $0.01 (+0.7%)
  • Target: $0.99/each, unchanged
  • CVS: $1.49/each (discounted from $1.79)
  • Albertsons: $1.25/each, up $0.25 (+25%)
  • Food Lion: $1.00/each (discounted from $1.29)
  • H-E-B: $1.01/each (first listing)
  • Meijer: $1.29/each, unchanged

The trailing twelve month average for a can of Campbell's condensed tomato soup spiked upward to $0.99 per can in February 2022. We anticipate it will blow through the one-dollar-per-can price level in the next month, as President Biden's inflation penetrates through to all American consumers.

Previously on Political Calculations

Political Calculations' analysis of Campbell's Tomato Soup dates back to 2015, when we first posted historic prices for a No. 1 can of Campbell's condensed tomato soup going back to January 1898! Since then, we've filled in the gaps we originally had in the historic price data and have explored America's second-most popular soup from a lot of different angles.