Wells Fargo CEO: Supply Chains ‘Will Get Solved’ in ‘6-to-12 Months’Jacob Bliss 25 Oct 2021
Wells Fargo CEO and President Charles Scharf, during the annual Milken Institute Global Conference, said he believes that the supply chain crisis will continue roughly “six to 12 months” longer.
“The realities of things like… wage pressures… supply chain pressures… all these things are going to continue to contribute to this wage inflation that we’re seeing,” Scharf said to Yahoo Finance.
“That’s all very, very real… all these things will level out. Supply chains will get solved, I personally just think it’s going to be six-to-12 months,” Scharf added when talking about the supermarkets forecasting higher prices.
Nationwide supermarket chains, such as Albertsons last week, told analysts that they expect to see prices rise for food items and everyday goods due to the supply chain crisis, in addition to small businesses being forced to raise prices. A small business owner in Dallas said, “It’s a mess, and there’s no quick fix… Prices have definitely increased, and they seem to still be increasing.”
United Airlines is raising prices as well. Last week CEO Scott Kirby said, “Airfares are going to come back from the really, really low levels they got to during the pandemic.”
One of the causes of the skyrocketing prices is the shipping costs. Over the last year, the price to ship a container from Asia to California has risen from $3,800 in 2020 to $17,000 in October of 2021.
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https://www.breitbart.com/politics/2021/10/25/wells-fargo-supply-chain-solved-months/
