FMI Statement on September CPI Food Price Numbers

Arlington, VA - Today, FMI - The Food Industry Association Vice President, Tax, Trade, Sustainability and Policy Development Andy Harig issued the following statement on the September 2024 Consumer Price Index (CPI).

"The latest CPI numbers demonstrate that taming inflation continues to be an uneven process. Food prices are driven by many factors and can be volatile, as demonstrated by September's 0.4% increase in the food-at-home CPI. But we shouldn't let a single month's data obscure the very real progress that has been made addressing food price inflation - on a year-over-year basis, food-at-home inflation came in at 1.3%, a very strong showing.

"Food-at-home price increases remain cooler than food away from home. Food from grocery stores is still the most economical option for consumers, as evidenced by food inflation continuing to be markedly lower than both 'core' and overall inflation.

"We remain cautiously optimistic that the worst of food price inflation is behind us and consumers will continue to experience a more stable pricing environment. There are undoubtedly challenges ahead, not the least of which is assessing and addressing the impact of Hurricanes Helene and Milton. The food supply chain is resilient, and the lessons learned throughout the COVID-19 era have fostered additional safeguards in the system that can help protect against future shocks.

"Regardless of what the future may hold, FMI and its members will continue to work with consumers to make sure that the U.S. food system remains the most abundant, safest and affordable one in the world."