June 17, 2023 7:00am EDT
Grocery store CEO reveals when Americans will see relief in the aisles
Grocery prices accelerated again in May despite cooling inflation
By Agustin Hays FOXBusiness
As inflation begins to cool down, grocery store shoppers are still waiting for relief in the aisles as Americans continue to pay top dollar to feed their families.
CEO and president of Stew Leonard's supermarket chain Stew Leonard Jr. addressed when shoppers may finally see prices dip on "The Claman Countdown" Tuesday.
"We're hoping maybe next year and the year after prices will come down or at least stabilize," Leonard Jr. said.
The Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose just 0.1% in May from the previous month, far lower than the 0.4% increase recorded in April.
But grocery prices, a visceral reminder of inflation for many Americans, accelerated again in May with food costs jumping 0.2% after falling the previous two months.
Consumers continued to pay more for staples like bread, meats like ham, beef and fresh vegetables, including potatoes, lettuce and tomatoes.
"We saw a little easing with the CPI just coming up, but, you know, basically you have a lot of costs that have increased right now, like labor, for instance," Leonard Jr. noted. "We've had to raise our starting rates from paying $17 an hour right now to get great people. So, you know, a lot of those costs you have to pass on a little bit."
He also added stores are feeling the impacts of supply and demand.
"Right now, demand is up. Obviously, prices will be up a little bit."
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https://www.foxbusiness.com/economy/grocery-store-ceo-reveals-americans-relief-aisles