ARLINGTON, VA – Today, FMI – The Food Industry Association commented on the July Consumer Price Index (CPI) numbers from the U.S. Bureau of Labor Statistics (BLS), which show a 0.1% decrease in food-at-home prices for July and a 2.7% increase over the last 12 months, which is unchanged from June.
FMI Vice President of Tax, Trade, Sustainability and Policy Development Andy Harig stated, “July’s food price inflation figures continue the period of cooling we experienced in June, which should be welcome news for grocery shoppers. Notably, key staple categories saw decreases for the month. The 0.7% decline in animal proteins, 0.1% decrease in fruit and vegetable prices, and 0.1% drop in dairy products should give grocery shoppers some relief as they seek to stretch their dollars.”
Harig continued, “This decline is despite the spike in energy prices following the resumption of conflict in the Strait of Hormuz. However, it is worth continuing to keep an eye on developments in the region as well as the El Niño weather pattern and other ongoing supply chain challenges that could put upward pressure on grocery prices in the months ahead.”
FMI Vice President of Research and Insights Steve Markenson added, “Consumers remain highly attentive to grocery prices and are adjusting how they shop to make household budgets work harder. Seventy-five percent of grocery shoppers feel they have control over their grocery spending, and 67% credit their primary grocery store with helping them stay within budget. Shoppers are comparing prices, planning purchases, using promotions and loyalty programs and turning to private brands to find value.”
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