The April Consumer Price Index Report (CPI) demonstrates the “process of taming inflation continues,” according to Andy Harig, FMI – The Food Industry Association VP of tax, trade, sustainability and policy development.
He noted food-at-home was a particular bright spot in the data.
“On a month-over-month basis, inflation for food-at-home actually went negative at minus 0.2 percent and showed a strong reading of 1.1 percent on a year-over-year basis. Several individual grocery categories also saw declines, including a decrease of 7.3 percent in the price of eggs. Food-at-home inflation is now running below both all items inflation (3.4 percent) and ‘core’ CPI (3.6 percent). This is good news for both consumers and the food industry.”
Harig said the association also is encouraged by its latest consumer trends report that found food price inflation has done little to impact how consumers feel about their grocery shopping experience.
“According to FMI’s U.S. Grocery Shopper Sentiment Index, which measures consumers’ attitudes about grocery shopping in general and their primary store specifically, sentiment reached a post-COVID-19 pandemic high in 2023 (72 out of 100) and continues to remain elevated (currently 70 out of 100), with more than half of shoppers surveyed expressing positive feelings toward grocery shopping.
“Food is a volatile sector – which is why it is excluded from core CPI calculations – and bears continued monitoring. For example, energy prices have a significant impact on food costs and are running hotter than expected. But today’s CPI report is incredibly positive news for grocery shoppers and shows that the industry’s efforts to engage and partner with consumers to help address high inflation have continued to drive progress.”
About FMI
As the food industry association, FMI works with and on behalf of the entire industry to advance a safer, healthier and more efficient consumer food supply chain. FMI brings together a wide range of members across the value chain — from retailers that sell to consumers, to producers that supply food and other products, as well as the wide variety of companies providing critical services — to amplify the collective work of the industry.
Read more association news from The Shelby Report.
