In an exclusive interview with Yahoo financial, US Secretary of the Treasury Janet Yellen discussed the recent sticker shock seen in grocery stores and restaurants across the country and what may be driving these inflationary prices.
Citi Senior Global Economist Robert Sockin joins Wealth! to break down Secretary Yellen’s explanation and give insight into how grocery prices may develop moving forward.
Sockin comments on fast-food adopting value meals to help ease the burden on consumers: “If you see more adoption of these types of policies, it would be helpful. But as you said, in a broader sense, the bigger problem is that you’ve had large gains in food prices over this cycle. And really, it’s taking time for people to adjust to these much higher prices. As I’ve noted, as we’ve gotten earnings gains, that real purchasing power has improved and is likely to continue to improve given that food inflation is still running at relatively low levels.”
He affirms: “So I do expect that the problem will feel less burdensome over time, but hopefully we will see more policies like we’ve seen from Target (TGT) and these other fast food chains.”
Watch Yahoo financial’s full, exclusive interview with US Secretary of the Treasury Janet Yellen.
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