A Philadelphia-based food supplier, TMK Produce, is facing challenges due to high inflation rates in Pennsylvania, which saw the highest grocery inflation in 2023.
Consumers are feeling the impact of increased prices, with households spending significantly more on everyday necessities.
“We’re concentrating all the time on having enough product and the right product for our customers,” TMK Produce’s buyer-sales lead Mike Watson said. “And, we can see that they’re resistant to some of these higher prices as they continue.”
“The volume may tighten up a little bit. It’s what we see as our customers are buying more often, [but] less at each purchase,” he said.
Despite some signs of inflation cooling, Americans are still paying more for goods and services.
“They’re tightening it up a little bit,” Watson said regarding consumer trends.
President Joe Biden recently criticized grocery stores for high pricing, emphasizing the need to address corporate practices contributing to inflation.
“Inflation is coming down. It’s now lower in America than any other major economy in the world,” Biden said. “The cost of eggs, milk, chicken, gas, and so many other essential items have come down.”
“But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off,” he said, “price gouging, junk fees, greedflation, shrinkflation.”
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