FMI Statement on May CPI Food Price Numbers

Arlington, VA - Today, FMI - The Food Industry Association commented on the May 2025 Consumer Price Index (CPI) numbers released today, showing a 0.3% increase in the rate of food-at-home inflation from April 2025 and a 2.2% rise year-over-year. 

FMI Vice President of Tax, Trade, Sustainability and Policy Development Andy Harig stated, “After cooling in the month of April, the CPI numbers released today demonstrate continued – albeit mild − volatility. Food-at-home inflation increased by 0.3%, driven largely by a 1.1% rise in cereal and bakery product prices. The good news is, other important staples decreased for the month, like a 2.7% decline in the price of eggs and a 1.1% decrease for milk.”

Harig continued, “The impact of tariffs on food prices remains muted but continues to be a factor worth watching. The increase in steel and aluminum tariffs announced earlier this month may impact packaging costs for food items like canned vegetables and beverages as well as capital costs like store construction and heavy equipment. Nevertheless, we are hopeful that trade deals will be reached that minimize the impact of tariffs in the coming months.”

FMI Vice President of Research and Insights Steve Markenson added, “Despite the uncertain economic environment, consumer expectations for 2025 improved since May. FMI’s June Grocery Shopper Snapshot found that 42% of shoppers have positive expectations for the year ahead, a four-percentage point increase from last month. However, 45% of grocery shoppers indicated they have reduced their overall household spending in recent months. Concerns about tariffs have largely remained steady, with 54% of consumers telling us this is their top concern.”