Jesse Newman
speaker
109 appearances
2 recordings
1 series
first heard Oct 2023
last heard Feb 2024
Jesse Newman’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Why Food Prices Are Still High While Inflation Is Falling · 23 Feb 2024
podcast
Consumers can have sticker shock when they go to the grocery store and see higher prices for what they typically buy because they shop often and they can't put these purchases off.
It's not like a car.
It's not like a cell phone.
It's not like a TV.
You have to go back to 1991.
This would be when George H.W.
Bush was in the White House.
We were still talking about the Soviet Union.
This was 30 years ago.
So it's actually pretty rare for food prices to come down once they've gone up.
It's just whether you're talking about restaurants or grocery stores, the old adage, what comes up must come down.
That just doesn't tend to be the case for food prices.
Now, you do have people point out that it's also rare to see grocery prices have gone up about 40% in the last four years.
So you do have people who point out this sort of inflation, a pandemic, is also incredibly rare.
And in particular, in grocery...
food analysts think that we could see prices dip into negative territory for a while this year.
But overall, combined, restaurants and grocery, we're not really expecting to see food prices start to decline.
Once food prices have gone up, they tend to stay there.
And I spoke to the CEO of Calanova, Steve Kahling, and he talks about how consumers, they can have sticker shock
when they go to the grocery store and see higher prices for what they typically buy but because they shop often and they can't put these purchases off it's not like a car it's not like a cell phone it's not like a tv these aren't purchases that you can really postpone we're talking about food and so when you go to the grocery store for the third time and you see this price and the fourth time and you see the price in the fifth time consumers sort of begrudgingly get used to these higher prices and you know just like for a gallon of gas
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