Jun 12, 2024

Arlington, VA - Today, FMI - The Food Industry Association Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig issued the following statement on the May 2024 Consumer Price Index (CPI).   

“Food-at-home inflation continues to move in the right direction, as several categories were either flat or saw further declines from the previous month. Dairy and related products decreased by 0.5%, nonalcoholic beverages declined 0.3% and fruits and vegetables remained unchanged from the prior month. Since last year, food at home has only increased 1%, notably lower than the 3.3% year-over-year increase for overall inflation.

“This is welcome news for the 85% of shoppers who tell us they place a high priority on getting good value when they grocery shop. Even as food inflation cools, discerning shoppers are exercising their options to get the most out of their grocery dollar. In fact, shoppers tell us they’ve employed one or more of 17 commonly used strategies to proactively address their food budgets. Whether it’s looking for more deals, buying in bulk, purchasing more store brands or changing where they shop, consumers continue to pursue strategies solidified over the last several years to find value in a way that best meets their needs.

“We remain encouraged by the latest CPI data on food prices, and the food industry will always continue to support shoppers seeking to maximize their grocery budgets by offering products and solutions that meet their desires for quality, convenience, experience and relevance.”