FMI – The Food Industry Association has commented on the June Consumer Price Index numbers from the U.S. Bureau of Labor Statistics, which show a 0.2 percent increase in food-at-home prices for June and a 2.7 percent increase over the last 12 months, the same 12-month rate as in May.
“June’s relatively steady food inflation report should be welcome news for grocery shoppers following the larger increases we saw earlier this year, even as the longer-term outlook remains uncertain,” FMI said in a statement. “While food prices remain elevated compared with a year ago, June’s historically consistent increase is an encouraging sign for families who continue to carefully manage their household budgets.
“Despite today’s relatively tame numbers, there are still significant uncertainties ahead. Developments in global energy markets, geopolitical tensions and other supply chain pressures could affect food costs in the short and medium term. The recent resumption of conflict in Iran serves as a reminder that global events can quickly ripple through the food supply chain. Energy prices, transportation costs, fertilizer, animal feed, packaging, labor, weather-related disruptions and international trade all play a role in determining the prices consumers ultimately see on grocery store shelves.
“Grocery retailers operate in an intensely competitive marketplace and remain focused every day on delivering value to shoppers. Across the industry, food retailers are working closely with farmers, manufacturers and suppliers to manage costs, strengthen supply chains and keep grocery prices as affordable as possible. FMI and the food industry will continue to monitor these factors closely while remaining committed to providing American families with safe, affordable and abundant food options.”
FMI works with and on behalf of the food industry to advance a safer, healthier and more efficient consumer food supply chain. The association brings together members across the value chain, from retailers that sell to consumers to producers that supply food and other products, as well as companies providing services to the industry.