Harps, Schnucks weigh in on consumer prices following steep inflationary rise

Terry Snider, meat team leader at Harps Food Store in Jackson, said Wednesday he is witnessing firsthand the combined impact of the spike in inflation, supply chain problems and increased demand.

There are "lots of shortages," Snider said. Snider said he has been in the meat business for 38 years.

"We're seeing lack of inventory for processed items such as frozen food and lunch meat but from what I'm hearing from other (local) stores, everybody everywhere is short on product."

Snider said his supply of fresh meat is "not bad" right now and he believes Harps will have enough turkeys to get through the Thanksgiving holiday.

"I don't know about Christmas, though, and I don't know about how many hams will be available," Snider said, adding he expects meat shortages and corresponding higher prices to continue after the first of the year.

Snider said his understanding of Arkansas-based Tyson Foods' vaccination mandate for all employees -- which took effect Nov. 1 -- could impact the supply of chicken in stores.

Tyson, which recently reported 96% compliance with its vaccine requirement, admitted some employees who objected to the mandate left the company.

Paul Simon, spokesman for Schnucks supermarkets, including the Cape Girardeau store, said consumers should be aware of the multiple factors at play in getting product delivered.

"There's a trucker shortage, there are labor shortages at production facilities and there's a lack of availability of certain raw ingredients," he told the Southeast Missourian.

"Through proactive planning with our suppliers and procuring more of our Schnucks-brand product when the national brand is not available or in short supply, we've been able to mitigate most of these supply chain disruptions (but) the grocery store is no exception to what's happening in the rest of the nation."

The data

The consumer price index jumped 0.9% in October as Americans paid more for staples such as gas and groceries, pushing the rate of year-over-year rate of inflation to 6.2%, a 31-year high.

The figure is three times the 2% target set by the Federal Reserve.

Fed Chairman Jerome Powell says inflation should subside in 2022 but acknowledged to the New York Times price pressures have been "much stronger" than anticipated.

What's up

Prices for gasoline, food, rent, groceries, medical care, electricity and new and used cars have all increased.

Prices at the pump leaped 6.1% in October alone.

What's down

Alcoholic beverage prices and airline fares trended downward last month.

"Inflation is both broadening and quickening," said senior economist Sal Guatieri of BMO Capital Markets.

"Inflation is spreading to more items as supply can't keep up with sturdy underlying demand stoked by stimulative policies, forcing more companies to pass along rising costs."