Companies' reluctance to roll back price rises poses US inflation risk - Financial Times

[unable to retrieve full-text content]

Companies' reluctance to roll back price rises poses US inflation risk  Financial Times

from "price" - Google News https://ift.tt/tIokSBd
via IFTTT

Nearly a dime less, gas prices fall again in Boise - KTVB.com

With a 9.7-cent dip, Boise is seeing an average gas price of $2.98 per gallon.

BOISE, Idaho — According to GasBuddy, gasoline prices in Boise have fallen nearly 10 cents in the last week. The new average price for a gallon of gas was $2.98 per gallon, as of Monday. 

GasBuddy surveys 216 gas stations in Boise. The survey showed that prices in Boise were 29 cents per gallon less than one month ago and 42 cents lower than a year ago.

The cheapest station for fuel in Boise was priced at $2.83 per gallon, and the most expensive was $3.29, a 46-cent difference. Statewide, the lowest price was $2.35 per gallon, and the highest price was $3.59 per gallon, a difference of $1.24. 

"We continue to see gasoline prices bouncing off lows, only to re-test them again and again. While prices jumped in some places, it's being offset by drops elsewhere, and that has kept alive the possibility of briefly seeing the national average fall to the lowest level since 2021," said Patrick De Haan, head of petroleum analysis at GasBuddy.

The national price of diesel gasoline fell roughly 2 cents per gallon since last Monday, bringing the total to $3.87. For unleaded gasoline, the average national price was $3.03 per gallon on Monday. 

"We remain just a nickel or so away from a $2.99 national average, and while the window of opportunity continues to slowly close, with refiners now starting the purge of winter gasoline on the West Coast, we still have a low-level chance of getting there. But make no mistake- if we do see a national average of $2.99 per gallon, it won't last long as we start to turn the corner and get closer to the start of the transition to summer gasoline," De Haan continued. 

Historical gasoline prices in Boise and the national average going back ten years:

• January 22, 2023: $3.40/g (U.S. Average: $3.39/g)
• January 22, 2022: $3.58/g (U.S. Average: $3.33/g) 
• January 22, 2021: $2.33/g (U.S. Average: $2.39/g) 
• January 22, 2020: $2.51/g (U.S. Average: $2.53/g) 
• January 22, 2019: $2.29/g (U.S. Average: $2.27/g) 
• January 22, 2018: $2.62/g (U.S. Average: $2.54/g) 
• January 22, 2017: $2.33/g (U.S. Average: $2.30/g) 
• January 22, 2016: $2.07/g (U.S. Average: $1.84/g) 
• January 22, 2015: $1.86/g (U.S. Average: $2.03/g) 
• January 22, 2014: $3.24/g (U.S. Average: $3.27/g)

Neighboring areas and their current gas prices:
Idaho- $2.91/g, down roughly 11 cents per gallon from last week
Ogden- $2.60/g, down roughly 6 cents per gallon from last week
Oregon- $3.57/g, down roughly 8 cents per gallon from last week

See the latest news from around the Treasure Valley and the Gem State in our YouTube playlist:

HERE ARE MORE WAYS TO GET NEWS FROM KTVB:

Download the KTVB News Mobile App

Apple iOS:  Click here to download

Google Play: Click here to download

Watch news reports for FREE on YouTube: KTVB YouTube channel

Stream Live for FREE on ROKU: Add the channel from the ROKU store or by searching 'KTVB'.

Stream Live for FREE on FIRE TV: Search ‘KTVB’ and click ‘Get’ to download.

Adblock test (Why?)

from "price" - Google News https://ift.tt/UtWb3Z1
via IFTTT

Conagra's Price Mix Figure Slips. Will Other Food Companies Be Next? - The Wall Street Journal

[unable to retrieve full-text content]

Conagra's Price Mix Figure Slips. Will Other Food Companies Be Next?  The Wall Street Journal

from "price" - Google News https://ift.tt/0iz4k9N
via IFTTT

Restaurant owners say price hikes, labor costs and other woes made for a rough 2023 - Yahoo Finance

From inflation and soaring rents to increased labor costs, most businesses were hit by at least one big challenge during 2023. Restaurants were hit by all of them.

“Someone made a good point: They said everybody's a good captain when the waters are smooth. But there’s turmoil, and then the economy goes bad, and you find out how well you're operating,” said Kennan Shah, co-owner of Arpeggio Grill, a Mediterranean restaurant in Austin, Texas.

After a year of that turmoil, Yahoo Finance reached out to several family-owned restaurants to find out how they overcame their biggest obstacles — and what lies ahead.

Inflation

Laurence Tucker, whose family owns Sun Rey Cafe, a restaurant in Chicago, said he had to raise prices four times in the last 18 months. Price increases for potatoes and eggs, among other ingredients, gave him no choice. “If you don’t jump and change that quick, there’s no way you can recoup … Then you're just giving away all of the ingredients,” he said.

Laurence Tucker, the co-owner of Sun Rey Cafe in Chicago: “If you don’t jump and change that quick, there’s no way you can recoup." (Sun Ray Cafe.) (NIEKREATYWNY.PL)

The solution, said Greg Azzollini, co-owner of Paul and Jimmy’s, an Italian restaurant in New York City, is small price hikes. “I have some customers that come in three or four times a week. So if I increase the prices too much, I don't want to scare them away. So I just did it a little,” he said.

Some restaurants have managed to deal with inflation by keeping control of costs. For instance, David Bergeron, the founder of The Creole Creamery, an ice cream shop in New Orleans, explained that he makes all his ingredients in-house and has “complete control” over his supply chain.

He added, “Because everybody's prices are going up, costs are going through the roof, and if you can just stay below where everybody else is, you have a competitive advantage.”

Remote work woes

Thanks, COVID.

Azzollini of Paul and Jimmy's said his Manhattan restaurant frequently served groups of up to 10 people. Now? Remote work has reduced his lunch business by around 50%.

“Most of the restaurants in the area aren’t even open for lunch because it doesn't doesn't make sense. But you know, if people do come into the office, it's two or three days a week,” said Azzollini. “It's not five days a week. And yeah, maybe they're just not doing the group lunches anymore, but we really don't get ... the larger groups that we did.”

Pre-remote work, Anis Habib, the owner of Casablanca Moroccan Kitchens in Los Angeles, had parties of 25 to 30 people who would come to eat. “They’re not having lunch. They’re not going out. They're more comfortable at home. So forget the restaurants because they're going to cook at home more,” he said.

David Bergeron, owner at The Creole Creamery in New Orleans, has “complete control" over his supply chain. (The Creole Creamery)

Food delivery challenges

Some restaurants have cleaned up by using food delivery, a trend that started during the COVID years. Others? Not so much. Arpeggio Grill co-owner Shah said that third-party delivery apps like Uber Eats (UBER) take up to 30% of take-out sales. Consequently, even as clientele has increased post-pandemic, his restaurant has struggled to make the same profit.

“Half of our business was like Uber Eats and DoorDash and all those, so that one was very helpful," he explained. "But ... lately, they have really increased the fees and their percentage. So that one has been a bit of a challenge.”

To recoup costs, Shah said that the restaurant has upgraded its POS system (software to manage purchases). Now, customers can order through the restaurant website before the order is sent out to a driver through a third-party app like DoorDash (DASH). Subsequently, the app collects the delivery fee, but the restaurant gets all of the proceeds.

Labor costs

Sun Rey's Tucker said he’d like to hire more employees, but wages are now too high, and business is too slow.

“In Chicago, with it being seasonal, the first 100 days after Christmas are usually very tough for restaurants because a lot of the consumers have spent their money for holidays, parties, drinking, and gifts,” he said. “So I already know that I've got to go in there with a lean payroll. And I've got to really watch my numbers. ... I mean, there's no way around that.”

Shah also said that labor costs have gotten significantly steeper. His solutions: being flexible with schedules, avoiding micromanagement, and even cooking for them on occasion.

“So we try to compensate them not just only financially but with freedom, with all their perks of being here,” he said. “Sometimes I feel like I work for them. But we make it like a family environment. So it justifies getting paid less than the market [rate] or at market.”

Gregorio Rosas of Ludi’s Restaurant in Seattle: "I know I can pay the rent.” (Ludi’s Restaurant)

High rent

Gregorio Rosas co-owns and runs Ludi’s Restaurant in Seattle, but his business’s future was once uncertain. His restaurant, a well-recognized Seattle institution, had closed down in 2019, and he had taken a four-year break from the industry.

Initially, when his daughter floated the possibility of reopening the space, Rosas said it was out of the question, not because reopening the restaurant didn’t appeal to him but because of Seattle’s astronomical rents.

“We have business, but I don't have enough business to give all the business away for the rent and building owners,” said Rosas.

But with the help of a nonprofit that saw Ludi’s as an important business, Rosas was able to secure an affordable location. The restaurant reopened in June of last year.

“We get a lot of support from the public and new customers who really love your business and love this restaurant,” he said. “Lots of positive comments, so it makes my day good — and what makes it good, of course, is like, I know I can pay the rent.”

Anis Habib, owner of Casablanca Moroccan Kitchens: "It's going be a beautiful year." (Casablanca Moroccan Kitchens)

Looking ahead

Overall, the restaurateurs were optimistic about 2024. Bergeron, in particular, expressed confidence in the strength of his business and of the resilient demand for ice cream.

“I'm not selling a durable good. I'm not selling something that people really view as a luxury. So we're not going to have the sensitivity to individual families’ cash flow.”

Still, the owners haven’t lost sight of the challenges facing their business. In addition to hoping that Americans will come back to work, the restaurateurs hoped interest rates would come down. Casablanca's Habib, in particular, said he thought the future would be bright, provided a decrease in prices.

“The government should do a better job,” he said. If interest rates and inflation are lower, “people [will] feel that they can buy again. It doesn't take much to make the public at ease, and that's what it takes. And I think we're going to reach that goal this year … It's going be a beautiful year, a very productive year for everybody.”

Dylan Croll is a Yahoo Finance reporter.

Click here for the latest economic news and indicators to help inform your investing decisions.

Read the latest financial and business news from Yahoo Finance

Adblock test (Why?)

from "price" - Google News https://ift.tt/EipKLoR
via IFTTT

Conagra's Price Mix Figure Slips. Will Other Food Companies Be Next? - The Wall Street Journal

[unable to retrieve full-text content]

Conagra's Price Mix Figure Slips. Will Other Food Companies Be Next?  The Wall Street Journal

from "price" - Google News https://ift.tt/0iz4k9N
via IFTTT

US postage stamp and shipping prices go up Sunday - WTOP

(NEW YORK) — The U.S. Postal Service will increase stamp prices starting Sunday, a USPS representative confirmed to “Good Morning America.”

The cost of first-class stamps will rise from 66 cents to 68 cents for letters weighing one ounce or less.

Package shipping costs will also increase by nearly six percent, with Priority Mail Express costs going up by 5.9 percent, Priority Mail increasing by 5.7 percent, and Ground Advantage going up 5.4 percent.

The price hikes, the fifth increase in two years, are part of the Postal Service’s ten-year “Delivering for America” plan to raise rates and recover from plunging profits – a projected $160 billion loss over the next ten years

Some of the cost-cutting measures have already translated into slower deliveries, while the increased prices will more significantly affect residents in the non-contiguous states and territories, like Alaska and Hawaii. Those areas will see an increase of more than nine percent, prompting lawmakers like Alaska Sen. Dan Sullivan to speak out.

“No state, including Alaska, should be punished by our own federal government because of geography,” Sullivan said in part in a statement in December. “These hikes have the potential to severely negatively impact Alaskans – already reeling from inflation – who are more reliant on the USPS for basic goods and services than other Americans.”

Copyright © 2024, ABC Audio. All rights reserved.

Adblock test (Why?)

from "price" - Google News https://ift.tt/juUJ4p6
via IFTTT

The Packers Stubbornly Stuck With Anders Carlson — And Paid The Price - Forbes

Former Green Bay Packers general manager Ted Thompson used to refer to the NFL as a “big boy league.”

The Packers operated like they were a little league outfit in recent weeks when it came to kicker Anders Carlson.

Carlson, a rookie from Auburn, was the most unreliable kicker in the NFL this season. As Green Bay’s surprising season continued, it had every opportunity to bring in a veteran to replace Carlson.

Instead, the Packers chose to stick with Carlson, and the results were predictable.

With Green Bay leading, 21-17, over heavily-favored San Francisco in the NFC divisional playoffs Saturday night, Carlson sent a 41-yard field goal wide left. The 49ers then drove 69 yards and won the game when Christian McCaffrey ripped off a 6-yard touchdown with 1:07 left.

Carlson missed at least one kick in his final five games and 10 of his last 12 contests. Afterwards, Packers coach Matt LaFleur had no answers for Carlson’s season-long struggles.

“I think if we had the answer we would have fixed it, right,” LaFleur said. “So, certainly just got to work on the consistency. We’ve seen him do it. We know what he’s capable (of), but you’ve got to be consistent in order to last in this league.”

There were many reasons the Packers lost to the 49ers for a fifth straight time in the postseason.

Darnell Savage dropped a sure-fire, pick-six early in the contest. Jordan Love threw two extremely costly interceptions in the final 17 minutes. And Green Bay’s three trips into the red zone in the first half netted just six points.

But the Carlson problem could have been fixed weeks ago — and even in the week leading up to the San Francisco game. But the Packers stuck their collective head in the sand and somehow hoped the problem would disappear.

It didn't.

Green Bay special teams coordinator Rich Bissacia didn't want to talk about Carlson’s woes last week.

“We’re onto the next game in San Francisco,” Bisaccia said on Jan. 17. “And whatever happened in the last game happened, we’ve looked at it, hopefully corrected it, and we’re moving forward.”

LaFleur said the Packers weren’t entertaining the idea of replacing Carlson.

“We’re committed to him,” Packers coach Matt LaFleur said stubbornly. “And we’re going to see this thing through.”

The real question is why?

Kicker is one of the few positions in football where you can find a veteran on the street late in the year that can improve your team.

Mason Crosby, the leading scorer in Green Bay history, had his contract with the New York Giants end on Jan. 14. Robbie Gould, an all-time Packer killer, announced his retirement on Dec. 7, but might have been lured back to the game to chase his first-ever Super Bowl ring.

Instead, Green Bay doubled down on a player that missed 13 kicks in 2023 — more than anyone in football.

Carlson ranked 23^rd in the league in field goal percentage during the regular season, going 27-of-33 (81.8%). He then went 2-of-3 in the postseason and finished the year 29-of-36 (80.6%).

Carlson also ranked 29^th in extra point percentage during the regular season, going 34-of-39 (87.2%). He then made 7-of-8 extra points in the playoffs and finished the season 41-of-47 on extra points (87.2%).

No other kicker in football missed more than three extra points.

“I have a tremendous amount of confidence in Anders,” Bisaccia, the NFL’s highest paid special teams coordinator, proclaimed last week.

Again, the question was why?

Carlson, a sixth round draft pick out of Auburn last April, was remarkably inconsistent as a collegian before he ever arrived in Green Bay.

Carlson made just 71.8% of his field goals at Auburn (79 of 110). He went 5-of-17 from 50-plus yards (29.4%) and 25-of-39 between 40 and 49 yards (64.1%).

Carlson has a cannon for a leg and a steady demeanor — two qualities the Packers loved. But he was as inconsistent as a 1990s internet connection in college and throughout his rookie season.

Green Bay went cheap at kicker, punter and several other positions this season, trying to get their financial house in order in what most believed would be a rebuilding season.

When the Packers reached the divisional playoffs, though, they owed it to the other 52 men on the team to fix a problem that was easily fixable.

Instead, they ignored it, which is a huge reason their year is now finished.

Adblock test (Why?)

from "price" - Google News https://ift.tt/rZNlEhq
via IFTTT