Feb 14, 2023

Arlington, VA - Today, FMI - The Food Industry Association Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig issued the following statement on the January 2023 Consumer Price Index (CPI) numbers reflecting continued volatility in food price inflation.  

“The January CPI illustrates that inflationary price increases are not resetting as quickly, or as uniformly, as consumers would like. Unfortunately, it is likely that food prices will remain elevated in the short term, and we anticipate that there could be further volatility in terms of inflation rising and falling in the coming months. Yet we continue to remain cautiously optimistic that the worst of food price inflation is behind us.  

“Food retailers operate in a competitive marketplace that encourages them to do everything possible to keep costs down for consumers. FMI’s latest consumer survey finds that shoppers are spending $151 per week on average, which remains below the pandemic peak of $161 per week despite persistent levels of inflation over the past year. To help consumers stretch their food dollar, grocers have dramatically increased investment in their store brand offerings, among other strategies. Even as the inflationary outlook remains uncertain, retailers will continue to invest in ways to help shoppers save and work to ensure prices stay as low and as stable as possible so that customers can most effectively manage their grocery budgets.”