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Since our last snapshot of Campbell's tomato soup prices three months ago, we're seeing continued signs that its price to American consumers is stabilizing.

That's the good news. The bad news is the average unit price at which it is stabilizing is over 28% higher than its cost three years ago. In October 2020, the trailing twelve-month average price of an iconic Number 1 size can of Campbell's Condensed Tomato Soup was $0.95 per 10.75 fluid ounce can. In October 2023, that measure has increased to $1.22. The only reason it hasn't risen higher is that we've captured some short-term discounted sale pricing in our regular sampling of prices in recent months. Discounted sale pricing that isn't sustained, confirming higher prices are here to stay.

Here's what we found when we sampled prices for Campbell's condensed tomato soup in mid-October 2023 at ten major national or regional grocers and compared them to our sampling from July 2023. There's bad news if you shop for tomato soup at the second-largest drug store retailer in the United States.

• Walmart: $1.26/each, unchanged
• Amazon: $1.26/each, unchanged
• Kroger: $1.29/each, increase of $0.30 (+30.3%)
• Walgreens: $1.99/each, a decrease of $0.30 (-13.1%) when you buy a single can, but an increase of $0.49/each (+32.7%) because you can no longer pay just $1.50/each when you buy two cans
• Target: $1.39/each, unchanged
• CVS: $2.09/each, increase of $0.20 (+10.6%), or unchanged at $1.50/each when you buy two cans
• Albertsons: $1.69/each, increased $0.40 (+31.0%)
• Food Lion: $1.25/each, unchanged
• H-E-B: $1.31/each, unchanged
• Meijer: $1.29/each, unchanged

Here's what the overall trends for the average consumer price of Campbell's tomato soup looks like in the 21st century.

This chart visualizes a remarkable transition. In it, 2022 marks when the regular sale price of Campbell's Tomato Soup broke through the threshold of $1.00 per can. It is when the price of $1.00 per can went from being the most American consumers would ever expect to pay for a single 10.75 ounce can of Campbell's condensed tomato soup to almost the least they will pay when grocery stores put them on sale for short times at big markdowns. Without those very temporary discounts, the lowest regular sale price for Campbell's Tomato Soup we see at U.S. grocers is at $1.25-$1.26 per can.

Our next update will come in January 2024, when we'll present an updated version of our chart tracking the unit price per can of Campbell's Condensed Tomato Soup since January 1897.

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