Arlington, VA - Today, FMI – The Food Industry Association commented on the October Consumer Price Index (CPI) numbers from the U.S. Bureau of Labor Statistics (BLS), which show an increase of 0.4% for food-at-home inflation in October. FMI Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig offered the following statement.
“October’s CPI report shows that food prices rose as the pass-through of higher recent energy costs continues to work its way through the grocery supply chain. Meats, poultry, fish and eggs increased 0.5%, as beef prices in particular rose 0.9%. Fruits, vegetables, and dairy also all increased 0.6% for the month.
“Energy is a critical input at every stage of the food system, from powering farm equipment to processing, packaging and transporting products to store shelves. When fuel and diesel costs rise, those higher costs are ultimately reflected in what it takes to produce and deliver food, and it can take months for them to show up in grocery prices, which we are now witnessing.
“We will continue to keep a close eye on global developments that impact the supply chain, as well as weather impacts that could affect growing conditions, transportation and commodity supplies in the months ahead.
“Despite these headwinds, food retailers will continue working every day to manage costs, maintain dependable supplies and deliver the quality, choice and value shoppers expect.”
For Media
- FMI will be hosting a virtual briefing on food prices and consumer trends on Thursday, November 12, at 1:00pm EST. Interested media may RSVP to media@fmi.org.
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