ARLINGTON, VA – Today, FMI Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig issued the following statement on the September 2022 Consumer Price Index (CPI) numbers reflecting continued food price inflation:
“Inflation has caused the price of all consumer goods to increase and the food sector has been particularly hard hit. We understand that inflation poses significant economic challenges and is making money tight for many families. Grocery stores – and the entire food industry – are doing all they can to ensure Americans have resources to plan and budget and remain committed to working with their customers to help mitigate the impacts of inflation.
“Spikes in costs due to labor, production disruptions, transportation demands and global conflict are affecting every aspect of the food business. Today’s numbers make it clear that there is still work to be done to address these issues. Many of these factors remain outside of our power to influence, but the food industry is collaborating throughout the entire supply chain to secure consumer-centric progress on prices, all while the grocery industry maintains a net 1-2% profit margin (which has been consistent for more than two decades). Even though food prices are higher today, the food system will continue to become more efficient and productive, thereby keeping food prices in check over the long haul.”