Affordability is a core value and an essential component of our competitive industry

Arlington, VA  - Today, Leslie G. Sarasin, President and CEO of FMI – The Food Industry Association,  issued the following statement regarding the President’s State of the Union Address:  

“Tonight, President Joe Biden delivered his State of the Union address to Congress, during which he covered a variety of issues affecting Americans across the country, including economic issues.   

“The food industry shares the President’s concerns about the impact of inflation on Americans. Affordability is a core value for grocers and an essential component of our competitive industry. We chase pennies in this competitive market to stay in business.    

“The food industry continues to face headwinds and economic hurdles, such as persistently high labor costs, ever increasing interchange fees for credit card payments, fees our pharmacies pay on every prescription to Pharmacy Benefit Managers, and an increasingly burdensome regulatory framework.   

“If the President is truly committed to reducing food inflation, reeling in excessive credit card swipe fees through support for legislation like the bipartisan, bicameral Credit Card Competition Act should be at the top of his agenda.  

“We take our responsibility of helping Americans feed their families seriously, and we are committed to helping consumers to find solutions with sales, recommended substitutions, and offering a variety of sizes and price points.  

“We welcome and encourage a national discussion about inflation, prices and the many factors that influence the economy, but it must be a conversation that is informed by data and focused on solutions rather than politics.”