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Arlington, VA – Andy Harig, the Food Industry Association's VP of tax, trade, sustainability and policy development, has issued the following statement regarding the discussion of food prices during last night’s Presidential debate and the August 2024 Consumer Price Index:
“During last night’s Presidential debate, candidates Donald Trump and Kamala Harris briefly raised the issue of food price inflation. Affordability is a core value for grocers and an essential component of our competitive industry. We welcome and encourage a national discussion about inflation, prices and the many factors that influence the economy, but this conversation must be informed by data and focused on solutions rather than politics.”
“The latest Consumer Price Index (CPI) numbers reveal that the pace of year-over-year inflation continues to moderate. Today’s August CPI release showed monthly food-at-home prices remained flat while year-over-year food-at-home inflation was just 0.9%, well below the 2.5% increase in overall inflation.
“Food retailers’ profit margins are, and always have been, extremely tight – just 1.6% last year. The entire food industry works tirelessly – amidst fierce competition – to address inflation and keep prices as low as possible. Today’s inflation numbers are encouraging, even as the food industry continues to face economic headwinds that increase the costs to produce food and get it to store shelves.“
