State of the Dairy Industry: Inflation remains a key dairy trend
Dairy Foods presents its 2023 State of the Industry report.
We just can’t wait for the 2024 Olympic Summer Games, scheduled to take place in Paris, France, from July 26 to Aug. 11, 2024, to arrive. So, it’s fitting that when thinking about themes for our annual State of the Industry report, Dairy Foods just had to present a sports theme. In the next several pages of in-depth reporting, find out which dairy categories are scoring touchdowns, which are methodically moving the ball toward the first-down marker, and if any are getting stuffed at the line for a loss.
Like the past year, one major theme affecting the cost of food and beverages is inflation. For the 12 months ending Aug. 13, the consumer price index (CPI) rose 3.7% compared to the prior year. Overall, food CPI ticked up by 4.3% year over year, according to the U.S. Bureau of Labor Statistics. All of these figures are higher than the U.S. Federal Reserve’s goal of inflation rising 2% annually.