Behind the Headlines: The Impact of Inflation on Grocery Shopper Buying Habits (On-Demand Recording)

Description:

February CPI data showed inflationary price increases are not resetting as quickly, or as uniformly, as consumers – or the food industry – would like. After a turbulent 2022, we anticipate there could be further volatility in terms of inflation rising and falling in the coming months, and it is likely that U.S. food prices will remain elevated in the short term. Yet, we continue to remain cautiously optimistic that the worst of food price inflation is behind us. Although there is increased optimism amongst economists about the potential for a soft landing for the U.S. economy, it will take time for corresponding retail price impacts to work their way through the supply chain and food system even as commodity costs come down. Against that backdrop, our subject matter experts – Vice President of Tax, Trade, Sustainability, and Policy Development Andy Harig, Vice President of Fresh Foods Rick Stein, and Cal Poly Associate Professor of Agribusiness Dr. Ricky Volpe – take us behind the headlines and offer their thoughts on what lies ahead for food prices in 2023