FMI Statement on October CPI Food Price Numbers

Food-at-Home Disinflationary Trend Continues

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

"Today's CPI numbers illustrate once again that − while the process of bringing down overall inflation continues to be a work in progress − food price inflation remains on a solid path. The October numbers for food-at-home show that prices increased just 0.1% for the month and fell to 1.1% year over year.

"With Thanksgiving around the corner, the good news for consumers is that many traditional items will cost less than last year. According to USDA and U.S. Bureau of Labor Statistics (BLS) data, turkey prices are down by as much as 11% this year. Additionally, ham prices are projected to drop 2.5%, while potatoes are expected to cost 3.5% less. Other items like apples (-13%), fresh cranberries (-5%) and frozen pies (-0.7%) are also expected to be more affordable.

"The food industry is rising to the occasion to assist shoppers in managing their grocery budgets this holiday season."