Arlington, VA - Today, FMI - The Food Industry Association Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig issued the following statement on the November 2022 Consumer Price Index (CPI) numbers reflecting still elevated but moderating food price inflation.
“Today’s CPI release demonstrates that food price inflation appears to be moderating off this summer’s peaks and moving in a positive direction for American consumers.
"The price of oil and gasoline has been falling, which is good news for both the food supply chain and American’s wallets. But the full scope of supply chain issues that caused food prices to rise will take time to recalibrate and work through the system, meaning food prices will likely remain higher than normal in the short-term even as inflationary pressures start to ease. An unprecedented collision of multiple factors – fuel costs, extreme weather, labor shortages, global conflict and more – have contributed to food price inflation this year.
"Unfortunately, this holiday season, Americans aren’t just paying more for food, they’re paying more for other goods like toys, apparel and gasoline. Consumers can remain confident that the food industry is doing everything possible to provide fresh, safe and healthy food to shoppers this holiday season at price points they can afford. FMI continues to urge Americans to engage with their grocery stores to plan ahead and make use of the inflation-fighting tools and resources many retailers are making available – including private label offerings and seasonal deals.”