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'.

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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.

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