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 2022 Consumer Price Index (CPI) numbers reflecting still elevated but moderating food price inflation.
“The latest CPI data serve as encouraging end cap on an otherwise turbulent year. As inflation slows, economists remain cautiously optimistic about the potential for a soft landing for the U.S. economy.
“Still, the December CPI data reflect that the global food market remains tight. In 2022, we witnessed energy prices become increasingly volatile, creating uncertainty for one of the industry’s most critical input costs. We also continue to monitor severe weather events, trucking and labor, which serve as key influencers on inflation.
“We’re optimistic that there’s beginning to be light at the end of the tunnel. The food industry is working hard to advance initiatives that save time, money and resources in getting fresh, safe and healthy food to the tables of consumers at price points they can afford.”