Arlington, VA – Today, FMI - The Food Industry Association Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig issued the following statement on the May 2023 Consumer Price Index (CPI) numbers that reveal another month of moderating food price inflation.
“The May CPI report reveals grocery prices continue to level off, with food price inflation relatively flat since February and significantly lower than the July 2022 peak. Particularly heartening is the number of items in grocery store aisles with declining prices, including eggs, cereals, meat and dairy.
“We understand from our U.S. Grocery Shopper Trends research that consumers remain concerned about prices at the grocery store. The cost of food can be impacted by a number of factors – including unexpected events – but we remain optimistic that food inflation will continue to moderate throughout 2023.
“While we are heading in the right direction, grocers still face headwinds in terms of labor shortages and transportation challenges, and we anticipate that prices will likely remain above pre-pandemic levels for much of the year.
“FMI and the food industry are working together on ways to meet the needs of grocery shoppers, including offering private brand products, investing in technology and facilitating trading partner collaboration to help take the stress off the primary sources of supply.”