Grocery store sticker shock shows ‘light at the end of the tunnel’: Stew Leonard
Stew Leonard’s CEO says suppliers splitting rising costs, supply chain ‘smoothing out’
Supermarket sticker shock showing ‘positive signs’: Stew Leonard
Stew Leonard’s president and CEO Stew Leonard says suppliers have started splitting rising transportation costs, and that the supply chain is ‘smoothing out.’
While new data from the Farm Bureau found that Americans could be paying up to 17% more for their favorite cookout items this Independence Day, one supermarket CEO provided sticker shock relief on "Mornings with Maria" Thursday.
"Our margins are down at Stew's, but you know what?" Stew Leonard told FOX Business’ Maria Bartiromo. "We see the supply chain smoothing out a little bit right now. There is some light at the end of the tunnel here."
"We're seeing meat prices now have come down a little bit, lobster prices have come down," the grocer continued. "So you're starting to see some positive signs."
Leonard’s comments come on the same day as the Federal Reserve’s favorite inflation gauge fell to 4.7% from 4.8% in May. While it marks the third straight month of slower growth, it remains near a 40-year high.
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Though the core PCE report might signal inflationary pressures are easing, it excludes rising fuel and food costs, which, according to Leonard, has been divided amongst the supermarket and its suppliers.
Stew Leonard's president and CEO discussed "positive signs" from production costs and the supply chain on "Mornings with Maria" Thursday, June 30, 2022. (Getty Images)
"Costs obviously have blown up; we've seen it in labor, you've seen the fuel costs… For us to get products to the store from different farms and things, it's costing the truckers more money to do that," the CEO explained. "So we're splitting this up with our suppliers and ourselves."
To make the most of your money at the grocery store, Leonard recommended shoppers buy local, look for specials and prep and cut produce at home.
"If you want to really splurge and get a fancier grind like the filet mignon burger or rib eye burger, it's going to be like five bucks," Leonard pointed out. "But you know what? You look at five bucks and compare it to what you spend out there at a restaurant, or at another hamburger place, and they're like 10 or 15 bucks. So we're seeing customers today starting to cook at home."
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Stew Leonard says ‘buy local,’ cook at home for July Fourth
Stew Leonard’s president and CEO Stew Leonard shares tips and tricks for saving money on food costs this Independence Day.
Stew Leonard’s president and CEO expressed the supermarket chain is stocked for family gatherings and BBQs ahead of July 4th weekend.
"Our warehouses right now and the back rooms are loaded with product; lobster tails, ground meat; our bakeries are revved up and everything," Leonard said. "We're ready to go, and I know customers are ready to celebrate."
FOX Business Staff contributed to this report.