FMI Statement on March CPI Food Price Numbers

Arlington, VA - Today, FMI - The Food Industry Association commented on the March Consumer Price Index (CPI) numbers from the U.S. Bureau of Labor Statistics (BLS), which shows a 0.2% decrease in food-at-home prices for March and a 1.9% increase over the last 12 months. FMI Vice President of Tax, Trade, Sustainability and Policy Development Andy Harig offered the following statement.

"The CPI numbers released today showing a decrease in grocery inflation should be welcome news for consumers following notable increases in recent months. Staples like beef, poultry, fish and eggs, cereal and bakery products, and dairy products are all down by 0.6%. In contrast, food-away-from-home prices are up 0.2%, highlighting that grocery shopping continues to be an economical way for consumers to manage their food spending.

"While these numbers are encouraging, recent instability in global energy markets is contributing to rising production costs across the food supply chain and could put upward pressure on grocery prices going forward. Fuel is a critical input at every stage of the food system-from powering farm equipment to processing, packaging and transporting products to store shelves. As energy prices increase, the costs associated with producing and delivering food also rise.

"Even in this uncertain moment, grocery shoppers continue to demonstrate resilience. FMI and its members remain committed to working across the supply chain to manage cost pressures and ensure consumers continue to have access to a safe, affordable and abundant food supply."