FMI Statement on December CPI Food Price Numbers

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

"The CPI numbers released today continue to show how tenacious inflation can be. All items increased 2.9% over the past 12 months. Food-at-home inflation rose 0.3% in December, resulting in an increase of 1.8% year-over-year.

"Even as the topline food price inflation numbers rose last month, much of this increase was driven by a few specific commodities like eggs, bacon, and cereals and bakery products. It is important to keep an eye on these and other commodities even as the food industry works diligently to address ongoing supply challenges.

"The good news is that consumers tell us they are optimistic about the year ahead, as 44% of grocery shoppers expect their household finances will be better off a year from now than they are today. This bodes well for long-term inflation prospects and demonstrates that consumers continue to be resilient."