Some more Biden administration inflation numbers for you.
We already know that inflation is at a 13-year high. Now, some experts are predicting that by the end of the year inflation will be up over 6%, and grocery prices will increase a whopping 10 - 14%.
Why? "It's basically driven by cost" said grocery consultant Gary Huddleston of the Texas Retailers Association, "And costs have gone up because all up and down the supply chain, labor has gone up, and fuel costs have gone up, and then that brings costs right back to the super-market."
Also coming to a market near you later this year, some of the big name companies plan to 'test' some price increases. It's a fine line, but Huddleston tells KTRH, it is necessary, "In the grocery world, it's all driven by volume, but when costs go up, unfortunately retails do as well."
So those could be some expensive Oreo's! Huddleston also said that while the inflation and prices are expected to rise for the rest of the year, they still don't know about 2022. He also said that here in Texas, grocery chains are trying to buy local produce. And they are also being competitive with electronic coupons. The biggest issue the grocery industry is facing right now? Finding enough workers.