Jul 11, 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 June 2024 Consumer Price Index (CPI).

“Today’s CPI numbers once again demonstrate that eating at home is the most cost-effective strategy for American consumers looking to manage their food budgets. Notably, year-over-year food-at-home inflation remains well below food-away-from-home at 1.1% compared to 4.1%, And this is not a new phenomenon − the latest data from the U.S. Department of Agriculture (USDA) demonstrates that this has been the case for the last decade.

“The path to bringing down inflation continues to be somewhat uneven, as certain grocery categories witnessed moderate increases last month. Other staples like fruits and vegetables as well as cereals and bakery products declined in June. But food-at-home continues to run well below the overall and ‘core’ inflation rates.

“Despite ongoing increases in operational costs to food retailers and suppliers, the food industry remains committed to making investments in their businesses and the supply chain to provide value to customers. Among these efforts are increased private brand and local product offerings as well as the deployment of new technologies to enhance and personalize the shopping experience.”