Says President Should Focus on Facts & Work with Industry on Identifying Real Solutions to Food & Household Product Inflation

ARLINGTON, Va. – The Consumer Brands Association issued the following statement ahead of President Biden’s forthcoming State of the Union Address tonight, in which news reports indicate the president will focus his remarks in part on food and household product prices. The following can be attributed to President & CEO David Chavern:

“Our industry is closer to its customers and understands the pressures of inflation on American consumers better than any other industry. We create everyday products, not luxury goods, that all exist in highly competitive markets where consumers have many choices at many price points. There is also a lot of market discipline on price, even as companies continue to absorb the economic realities of inflation, including cost of ingredients, packaging and other input costs such as labor and transportation. We also share the Treasury Department’s perspective that wages have contributed to costs and are outpacing inflation.

“As the largest manufacturing sector by employment, our industry is dedicated to delivering consumers value every day. We’ve asked to meet with President Biden directly to discuss real solutions that will benefit the American consumer. In the meantime, the consumer products industry will continue our efforts to provide the best products at the most competitive price.”

###

The Consumer Brands Association champions the industry whose products Americans depend on every day, representing nearly 2,000 iconic brands. From household and personal care to food and beverage products, the consumer packaged goods industry plays a vital role in powering the U.S. economy, contributing $2 trillion to U.S. GDP and supporting more than 20 million American jobs.