Arlington, VA – Today, FMI - The Food Industry Association Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig issued the following statement regarding the February 2024 Consumer Price Index (CPI) numbers:
“As we look at prices for early 2024, there is welcome news for consumers as February CPI data suggests a continued easing of inflation. Food-at-home prices remained flat in February (0%), with key commodities like dairy products and fruits and vegetables falling over the previous month. On a year-over-year basis, inflation for food at home was one percent, a strong figure that should encourage consumers.
“Affordability is a core value for grocers and an essential component of our competitive industry where the average net profit for food retailers is 2.3%. Despite the challenges to our supply chains and businesses over the last four years – including COVID, transportation disruptions, and labor market shortages – the industry will continue to partner with American consumers to address inflation and make sure the American food supply remains the safest, healthiest and most affordable one in the world. In fact, more than seven-in-10 shoppers tell us they often or almost every time get a good value when they buy food or beverages from their grocery store.
“The effort to return inflation to historical levels of two percent was always going to be a marathon rather than a sprint, and today’s release demonstrates that there is still some race to be run and work that needs to be completed in terms of overall inflation. Our association remains dedicated to collaborating with the federal government to sustain the decline in the inflation rate. For example, FMI recently endorsed the Food Traceability Enhancement Act introduced by Reps. Scott Franklin (R-FL), Sanford Bishop (D-GA), and Jimmy Panetta (D-CA). This bipartisan legislation aims to resolve key challenges associated with the Food Safety Modernization Act’s Food Traceability Rule in a way that enhances food safety without introducing further unnecessary costs into the supply chain that could impact shoppers.
“We urge our government partners to work with us and with American shoppers to support policies that decrease costs for consumers rather than add to them.”
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