FMI Statement on February CPI Food Price Numbers

Arlington, VA – Today, FMI – The Food Industry Association commented on the February Consumer Price Index (CPI) numbers from the U.S. Bureau of Labor Statistics (BLS), which shows a 0.4% rise in food-at-home prices for January and a 2.4% 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 numbers reflect an uneven grocery price environment and underscore the challenge in bringing down food inflation across all categories to more historical averages. Fruits and vegetables and non-alcoholic beverages increased measurably in February. However, it is encouraging that key staples like dairy and cheese, cereals and bakery products, chicken and eggs all declined for the month. 

“Numerous factors including labor, transportation costs, commodity market fluctuations, and energy prices affect the prices of goods on store shelves. In particular, we are keeping a watchful eye on the impact of the conflict in the Middle East with regard to global oil and fertilizer availability. Food production and transportation are energy-intensive, and sustained increases in oil prices can put upward pressure on food. We remain hopeful that the conflict is short-lived and any impact on prices is minimal and temporary. 

“The food industry remains committed to keeping shelves stocked with safe, affordable and abundant food. Grocery stores continuously work to provide consumers with a range of price points through private brands, deals and promotions, loyalty programs, and more to best fit their budgets while maintaining the quality and variety that shoppers expect.”