Jan 11, 2024

Arlington, VA – Today, FMI - The Food Industry Association Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig issued the following statement on the December 2023 Consumer Price Index (CPI) numbers reflecting positive momentum heading into 2024:   

"The recently released Consumer Price Index (CPI) report brings welcome news for Americans looking for an easing of inflation amidst recent economic challenges. Notably, the inflation rate for food-at-home has slowed to just 1.3% year-over-year (a drop of 0.4% since November), remarkable progress from just a year ago and signifying a positive trend towards market stabilization in the new year. 

“Grocery shoppers are noticing this change as well. According to a recent analysis of FMI shopper data, weekly household grocery spending has remained stable since the summer of 2023 while concerns related to escalating food retail prices have eased slightly since October. As we enter 2024, there is a growing sense of optimism among shoppers regarding grocery prices in the year ahead. 

“While there are a number of factors that bear watching in the new year, slowing inflation as 2023 ended should set the stage for further progress in 2024. December’s strong report aligns with the models in the December USDA Food Price Outlook, which anticipates that grocery store prices will decrease by 0.6% in 2024 even as restaurant prices are expected to increase by 4.9%, demonstrating the enduring value of a home-cooked meal for American families.”