As inflation continues to soar nationwide, a wholesale retailer warned that Americans can expect more shortages and more price hikes this summer.
“This summer, I think beverages, you’re going to start to see kind of increased prices or shortages just because… already these factories are pumping it out at full capacity, you add in the increased demand of the summer, we don’t know where that’s going to go,” Boxed CEO Chieh Huang told “Varney & Co.” Monday.
Huang’s comments come on the heels of the country seeing roaring high inflation, supply chain issues, and a baby formula shortage.
According to Huang, the supply of baby formula has been “on and off” within his company and noted that product shortages took the wholesale industry “by surprise.”
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“It’s pretty spotty, as with a lot of things on the shelves these days,” Huang said.
He also discussed efforts to help alleviate costs for consumers by eliminating shipping charges on food for customers with a membership.
“What we’re seeing is that the consumer is really in a difficult situation right now… a lot of folks are spending just basically on necessities almost paycheck to paycheck or meal to meals… they really need the help,” he explained.
When Varney asked if Boxed has a price increase set in for products distributed during soaring inflation, he responded: “It depends on the category.”
“[Inflation] hasn’t abated… where does this end?… As we discuss with these suppliers who are now bringing on more… cost increases, where does it end, for not only retailers but for the consumer? And that’s what we’ve got our eye on,” he said.
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