Grocery prices headed higher: Kroger

Choo Choo's News

Newsletter

Please wait...

Thank you for signing up! You are AWESOME!

Beef prices have risen 14% this year while pork prices have jumped 12.1%, and poultry prices are up 6.6%.

September 13, 2021

FOLLOW US

Follow Us On GETTR
Follow Us On XAPiT
Follow Us On FreeTalk45

Grocery prices are headed higher later this year, according the U.S.’s largest supermarket by sales.

Cincinnati-based Kroger Co., which had $132 billion in sales last year, says inflation is running hotter than management previously anticipated and that expectations are now for prices to rise 2% to 3% over the second half of this year.

Kroger is “passing along higher cost to the customer where it makes sense to do so,” said CFO Gary Millerchip on the company’s second-quarter earnings call on Friday.

Management at Kroger rival Albertsons Companies Inc. earlier this summer expressed similar concerns that inflation would pick up in the second half of the year and that they too would pass some of those increased costs along to consumers.

Further increases at the checkout counter would put further pressure on consumers who are already dealing with the biggest annual increase in consumer prices since August 2008.

Within the consumer price index, the component for food at home has risen six months in a row and is up 2.6% this year.

Half of the basket’s price increase is due to soaring prices for beef, pork and poultry. Beef prices have risen 14% this year while pork prices have jumped 12.1%, and poultry prices are higher by 6.6%.

Prices were up in five of the six major grocery store food groups in July, falling only for fruits and vegetables. The category saw prices dip 0.9% after rising 0.7% in June.

The Federal Reserve has said the price increases that have occurred in the wake of COVID-19 are “transitory” and that those pressures will subside as the supply-chain disruptions are resolved.

The Biden administration, however, says issues the supply-chain issues caused by COVID-19 and increased demand are only partly to blame.

Instead the administration blames what they say is a lack of competition in meat processing.

“Just four large conglomerates control the majority of the market for each of these three products [beef, pork and poultry], and the data show that these companies have been raising prices while generating record profits during the pandemic,” said National Economic Council Dire….

read the rest @ foxbusiness
READ MORE ON ch00 ch00 news
God Bless America & God Bless You

Help Support
Choo Choo News

Shop
DONATE

PRAYER & PROPHECY

Robin Bullock Sunday Morning Service 9/12/2021

AMANDA GRACE A BREAKING POINT AND AN OCTOBER SURPRISE!

NATHAN FRENCH: PREPARE TO OVERCOME!

HANK KUNNEMAN: YEAR 5782 PROPHETIC TIMING AND PERSPECTIVE!

WEDNESDAYS WITH KAT AND STEVE - Episode 41

2021-09-13T07:14:01+00:00

Leave A Comment

Go to Top