Arlington, VA – Today, FMI - The Food Industry Association Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig issued the following statement on the October 2023 Consumer Price Index (CPI) numbers reflecting continued food price inflation:
“The October CPI report reminds us that even though inflation has cooled significantly since the highs witnessed in the summer of 2022, the economy continues to provide a few ‘head fakes,’ as Federal Reserve Chairman Powell noted last week.
“FMI’s U.S. Grocery Shopper Trends: Holiday Season research aligns with the market volatility we’re witnessing, with 42% of consumers saying they are worried about having enough money to pay for food heading into the busy holiday meals season. Yet the majority of those shoppers (77%) say they are proactively taking steps to address rising prices during the holidays, with 47% telling FMI they are cooking more or differently. This includes 53% of shoppers who say they plan on eating more at home in the coming year, compared to just 14% who plan to dine out more.
“Additionally, 45% of shoppers are seeking out deals or only buying products on sale, while two in five say they are switching to different or more affordable products, including store brands, or changing how and where they shop. Yet despite this proactivity, only 31% of shoppers say they plan to get their Thanksgiving meal shopping done early, and just 18% plan to shop earlier than usual ahead of New Year's Eve, a trend we hope will reverse given that planning ahead and shopping early is the best way to for consumers to save money at the grocery store, especially during the holidays.”