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 2023 Consumer Price Index (CPI) numbers reflecting continued food price inflation:  

“The November CPI demonstrates that the inflation rate for food-at-home continues to head in the right direction for American consumers, dropping to 1.7% on a year-over-year basis. But even as inflation gets back on par with historical averages, consumers must remain flexible and tactical with their purchasing decisions to get the greatest value as we head into the holiday season.   

“The good news is, buying ingredients and preparing meals at home continues to be the most economical option for Americans looking to stretch their food dollar further, especially when it comes to holiday meal celebrations. And shoppers have clearly taken notice. FMI’s U.S. Grocery Shopper Trends: Holiday Season research notes that 31% of consumers say they are preparing meals at home more often, while more than half plan to cook and eat more meals at home in the coming year. As the trend towards preparing more meals at home continues, 60% of shoppers report that they are eating out less, and just 14% of shoppers say they plan to dine out more in 2024.  

“According to the USDA’s Food Dollar Series – which examines how various sections of the food supply chain contribute to the overall cost of food for consumers – food retail accounts for only 12.4 cents of the costs that go into every dollar that consumers spend on food, compared to 34.1 cents per dollar for restaurants. 

“While average weekly grocery spend is up slightly year over year ($155/week in October 2023 compared to $148/week in October 2022), shoppers report they are buying more groceries rather than dining out as a way to moderate their food spending.”