One of the largest grocery store chains in the United States is now warning their customers that there is a possibility that prices will continue to rise for the near future simply due to the new high inflation that we are encountering.
The Details
The Kroger Company has established itself as the largest grocery store chain in terms of revenue in the United States. That means that they understand how the economy is going, and right now they are saying that inflation is “running hotter” than individuals in corporate America had previously believed. Naturally, Fox Business reports that this will mean prices for consumers.
As a matter of fact, Kroger CFO Gary Millerchip noted that their grocery store chain is going to have to pass along some “higher cost to the consumer where it makes sense to do so.” That means that grocery prices might rise another 2%-3% at the end of the year.
More from Fox Business:
Of course, the easiest way to gauge inflation would be through examining the consumer price index. One look at that will tell you that the price for food in our country has risen for the past six months in a row at a rate of 2.6% so far.
Many of these increases in grocery prices would be due to soaring prices for beef, poultry, and pork. Beef prices are now up 14% this year, and pork prices have jumped over 12%. Additionally, poultry is up 6.6%.
How Bad is the Inflation?
The Blaze is reporting that most economists are now saying that the inflation rates that are being experienced in the United States under the Biden Administration are at their highest rate in decades.
As a matter of fact, the wage gains have all but been erased when they have been adjusted for this inflation.
A CNN report last month reported the following:
Companies big and small are raising wages to attract workers and hold onto employees as the economy revs back into gear. But those fatter paychecks aren’t going as far, thanks to rising inflation.
In fact, compensation is now lower than it was in December 2019, when adjusted for inflation, according to an analysis by Jason Furman, an economics professor at Harvard University.
The Employment Cost Index — which measures wages and salaries, along with health, retirement and other benefits — fell in the last quarter and is 2% below its pre-pandemic trend, when taking inflation into account. (Wages and salaries are growing at a faster pace than benefits.)
Of course, the Biden Administration continues to deflect responsibility for the rising consumer inflation.
In their release last week, the Biden White House tried to attribute the rising prices to a “lack of competition at a key bottleneck point in the meat supply chain” and they said that the Biden Administration is going to “push back” on this and stop any type of “pandemic profiteering.” Whatever.