U.S. Food Industry Association: Food inflation will temporarily ease, but energy costs may drive prices higher again

Golden Ten Data reported on April 10 that the Food Marketing Institute (FMI) commented on the US March CPI data. According to the data, home food prices in March fell by 0.2% month-on-month and rose by 1.9% over the past 12 months. Andy Harig, FMI Vice President of Tax, Trade, Sustainability, and Policy Development, stated: “Today's released CPI data show a decline in grocery inflation, which is good news for consumers.” “Although the data is encouraging, recent volatility in the global energy market is pushing up production costs across various parts of the food supply chain, which may place upward pressure on grocery prices in the future. Fuel is an important input at every stage of the food system… As energy prices rise, the cost of food production and distribution also increases. Even in this uncertain environment, consumers continue to demonstrate resilience.”