Don’t tell Costco executives that inflation is low.
The big-box club chain said it’s been seeing accelerating prices across a range of products, including shipping containers, aluminum foil and a 20% spike in meat prices over the past month.
“Inflationary factors abound,” CFO Richard Galanti said on the company’s fiscal third-quarter earnings call Thursday.
“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,” he added.
“SHAME, SHAME, SHAME:” Trump Laments Memorial Day Drivers Facing Highest Gas Prices In Seven Years. “Soon Russia and the Middle East will be making a fortune on oil, and you will be saying how good it was to have me as your President. Wasn’t it great to be energy independent, but we are energy independent no more.”
But who are you going to believe, the Biden administration or your lying eyes? Is Jen Psaki Completely Clueless on Gas Prices or Did She Just Tell a Huge Whopper?
Psaki can claim that everything is fine all that she wants, but as PJ Media’s Bryan Preston noted (in a great article for our VIP subscribers), gas prices were already going up before the Colonial Pipeline fiasco, and Biden’s policies likely have a great deal to do with that price bump.
Finally, if Americans are “paying less in real terms for gas,” that might be due to increasing inflation — the natural result of Biden’s massive spending proposals and his laughably inadequate tax plan. That’s not exactly a selling point, Ms. Psaki.
Psaki’s odd statement on gas prices is nothing but shoddy damage control. Americans know that things are different under Joe Biden, they know Biden is cracking down on the gas industry and they know gas prices are higher than they’ve been in nearly a decade. No amount of massaging can erase these facts.
And the hits just keep on coming: Bank of America: “Transitory Hyperinflation Ahead.”