Arlington, VA – Today, FMI - The Food Industry Association Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig issued the following statement on the March 2024 Consumer Price Index (CPI) numbers:
"The March CPI data continues to be positive for food shoppers and demonstrates that cooking at home is still the best choice for budget-minded shoppers. Food-at-home inflation was flat (0%) for the month and only 1.2% on a year-over-year basis.
“Unfortunately, the data also indicates that despite recent moderation in inflation, there may still be some bumps on the road to our economic recovery. Factors such as volatile energy prices – which not only fuel overall inflation but also directly influence grocery prices through food production and transportation – continue to rise.
"The good news is that the economic outlook remains robust. Unemployment is at a 54-year low. Weekly household grocery spending data from FMI also shows that consumer spending has remained stable over the past year. And when examining sentiment, a recent FMI shopper survey found that the majority of Americans continue to enjoy grocery shopping – with eight out of 10 loving, liking, or not minding their trip to the store – underscoring consumers’ resilience and flexibility in making purchasing decisions that suit their individual and family needs."
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