Posted on 05/29/2021 11:16:03 AM PDT by blam
The big-box chain store Costco is seeing many areas where prices are increasing due to rising inflation. From aluminum foil to shipping containers, the chain store has seen a 20% increase in meat prices over the past month.
The company's CFO Richard Galanti said, according to CNBC, that there are "inflationary factors abound," adding, "These include higher labor costs, higher freight costs, higher transportation demand, along with the container shortage and port delays … increased demand in various product categories some shortages, various shortages of everything from chips to oils and chemical supplies by facilities hit by the Gulf freeze and storms and, in some cases, higher commodity prices."
However, Costco did report a profit of $2.75 a share, blowing past Wall Street estimates. It also beat Wall Street estimates netting $45.3 in revenue, well past its expected $43.6 billion.
Still, the numbers underneath tell a different story, leading to a domino effect of price increases across the board.
Like its competitors, Costco struggled to pass its increased costs on to customers. The company, while expecting some margin pressures, hasn't seen any significant impacts from the market.
Many economists and those on Wall Street see the trend of inflation going many ways. According to CNBC, some economists believe the annual pace of inflation at 3.1% only to be temporary. Michael Burry, who Christian Bale portrayed in the film the "Big Short," tweeted earlier this year that the high yield printing of the U.S. dollar could lead to a hyperinflation scenario.
Galanti cited prices from goods including pulp and paper, an assortment of plastic products, and soda and cheese, rising to as high as 8%. Even the prices of some apparel items rose anywhere from 3% to 10%.
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(Excerpt) Read more at newsmax.com ...
It’s going to get worse before it gets the tiniest bit better.
Plan accordingly. (I know you do!)
This is really so TIRESOME, isn’t it? ANY time we’ve had the Socialist Democrats in charge, it’s like clockwork! Gas prices rise, inflation rears her ugly heard, war breaks out and America is laughed at by our enemies AND allies!
How many times do we have to go through this? It’s insanity!
Oh, never mind; It’s always Party FIRST, America LAST with the Socialist Democrats. *Rolleyes*
I hope this time it HURTS them and their children enough to change some minds, but I doubt it. Stockholm Syndrome, obviously!
“That’s why dem voters don’t care who’s president, as long as it’s a dem. The same hive minded cabal will be running the show.”
Well said.
And I KNOW how hard you are working - we are, too!
I am so HAPPY that I am no longer running a business. The 0bama years sucked! I can just imagine what Slow Joe and his ‘cabal’ have in store for current business owners. Glad I ain’t one of them this time around!
These next four years are going to be 0bama, et al, on steroids!
China imports pigs ( carcasses?), processes the meat and then exports the packaged processed meat. It seems like a lot of money is being spent on shipping.
The grocery store I was in yesterday in the early pm, on a Friday before a 3 day weekend is usually packed with customers.
I spent at least 5-7 minutes talking to the head produce guy. There were 2 other shoppers in the section, and they were not buying a lot. The produce manager said he felt the big price increases were keeping customers away.
About 5 minutes later I was in the fast check line with one customer behind me. The cashier is the asst. manager and he told the guy behind me, that he would be the last customer.
As he was sacking my order, I asked what was happening. He said that it had been slow all week.
China just buys Smithfield and other America Agri product companies.
So they don’t ship stuff across the ocean. They process, ship and sell American pork to Americans.
The Virginia-based pork company derived its ham from a curing process Native Americans taught settlers five centuries ago. It owned part of Main Street in the bucolic town of Smithfield – including a restaurant, a historic Southern hotel and the company’s nearby headquarters.
C. Larry Pope, its president and CEO, had a fireplace in his sprawling executive office, which looked more like a hunting lodge than the command center for what had become America’s largest pork business.
Applewhite/Associated Press
But in 2013, a Chinese firm bought this quintessential slice of Americana – Main Street and all. The takeover, valued at $7.1 billion, remains the largest-ever Chinese acquisition of an American company.
“now we have the same people in charge really. Rice, Valjar etc. That’s why dem voters don’t care who’s president, as long as it’s a dem. The same hive minded cabal will be running the show.”
Rice and ValJar were the real presidents under Obama.
One can only imagine what they, Dr Jill and the Deep State Elite thugs have planned for us.
I like Costco, I finally buckled and got a membership last January.
But sometimes I don’t want to buy 46 lbs of beets in one fell swoop.
“China just buys Smithfield and other America Agri product companies.”
As long as those companies are still producing here. they can be “Nationalized” back in the time of war.
Yes. Mp>
Burry is saying it is a real possibility of major inflation. There’s a youtube (I don’t have the link handy) video of someone discussing Burry’s predictions - the video shows the recent 13F from Burry’s fund......Burry is walking the walk and made several big investments (in the million$) that indicates he believes there will be significant inflation.
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