Inflationary pressure on prices is going to continue, an executive from a major U.S. supermarket chain warned this week.
Prices should be expected to rise another 2-3% in the second half of this year, according to Kroger CFO Gary Millerchip on Friday, adding Kroger will be “passing along higher cost to the customer where it makes sense to do so,” The Epoch Times reported.
The White House is blaming the major meat packers for the rising costs for beef, poultry, and pork, despite record profits amid the pandemic, according to the report.
“Just four large conglomerates control the majority of the market for each of these three products, and the data show that these companies have been raising prices while generating record profits during the pandemic,” National Economic Council Director Brian Deese told reporters this week, pointing at JBS, Tyson Foods, Cargill Meat Solutions Corp., and the National Beef Packing Company.
“Those companies have seen record or near-record profits in the first half of this year, and that has coincided with a period where we’ve seen disproportionate increase in prices in those segments.”
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{Matzav.com}