Goya CEO reveals why the price of this grocery staple has skyrocketed under Biden
Published On Sep 12, 2024, 8:22 AM
Bob Unanue, the CEO of Goya Foods, has highlighted significant price increases for grocery staples, attributing these hikes to various factors tied to the Biden administration's policies. He provided an example of a can of beans, which increased in price from $0.99 to $1.50, indicating a 50% price rise over two years. Unanue pointed to inflation driven by issues such as the war on fossil fuels, rising commodity prices (especially due to the Russia-Ukraine conflict), and escalating packaging costs, like steel. He criticized the government's economic strategies, referring to the inflation as 'man-made'.
Stock Forecasts
XLP
Positive
The rising cost of essential goods like those from Goya Foods can indicate inflationary pressures, which investors often react to by selling stocks in related sectors. However, companies that manufacture grocery staples could benefit as consumers continue to buy necessary items despite price increases. Goya Foods doesn't have a public stock, so related sectors include general consumer goods companies or ETFs that focus on consumer staples.
Related News
Here’s the deflation breakdown for September 2024 — in one chart
Oct 11, 2024, 1:58 PM
Prices in segments of the U.S. economy, like some imported goods, consumer electronics and gasoline, have deflated since September 2023.
Stock market today: Dow, S&P 500 slip as inflation, jobs data cloud Fed rate-cut picture
Oct 10, 2024, 4:06 PM
Investors are looking to the latest reading on CPI consumer inflation to set expectations for the path of interest rates.
Social Security Benefits to Climb 2.5% in 2025
Oct 10, 2024, 8:53 AM
The annual cost-of-living adjustment will increase monthly checks for millions of beneficiaries, including retirees and disabled workers.