FMI Statement on January CPI Food Price Numbers

Arlington, VA – Today, FMI – The Food Industry Association commented on the January Consumer Price Index (CPI) numbers from the U.S. Bureau of Labor Statistics (BLS), which show a 0.2% rise in food-at-home prices for January and a 2.1% increase over the last 12 months. FMI Vice President of Tax, Trade, Sustainability and Policy Development Andy Harig offered the following statement.  

“Today’s CPI data is welcome news from the spike we saw in December and suggests that food price inflation continues to moderate, albeit on an uneven path toward the Federal Reserve’s 2% target. While categories like cereals and bakery products, animal proteins and dairy products rose in January, the good news is that specific staples like beef, eggs, bananas and coffee are all down for the month.  

“We understand recent fluctuations are frustrating for consumers as they seek to stretch their grocery dollar. The food industry remains committed to keeping prices as low as possible for households across the country. Food retailers and their supply chain partners will continue to prioritize value through offerings like private brands, deals and promotions, and loyalty program discounts to ensure shoppers are able to purchase the products they need at prices that fit their budgets.”

FOR MEDIA:

• Andy Harig will be speaking on February 19 at USDA’s annual Agriculture Outlook Forum during a session on consumer trends and food prices. You may reach out to Matt McKinney at mmckinney@fmi.org to schedule time to speak with him about these topics on site or virtually following the event.