00:00 Spokesman a
Food prices are rising in May from a month earlier, according to the latest inflation seal from the Bureau of Labor Statistics known in your hood as BLS. Grocery or food index at home indicate that prices have increased by 3/10 of the percent last month. This monthly figure fell 4/10 of the percent in April. Here with more we have Stu Leonard, Jr., CEO and President of Stu Leonard. Stu, I always have a pleasure to grab some time with you. You know, just first, bring us into the areas, parts of shopping carts that you see the most moderation or customer, press back.
00:43 Stu Leonard Jr.
Well, you know at the moment you know that we are a family business here in the northeast, uh, and, um, uh, you know, we have eight shops, we have 100,000 customers a week and we are proud of being on the floor and keeping our ears open to what our customers say. Until now, people are feeling quite confident, um, at least in our company, we have not yet raised prices, because tariffs or something else, prices are the same right now. But do you know what, there is currently a problem with supply and supply. As, I talked to our ranches in the West, the size of the herd in America is the largest, who was 40, 50 years old. So this is a problem with supply and supply. So I think you have to break up a little by increasing costs, these are not tariffs, uh, many of them are also through supply and supply.
02:43 Spokesman a
And, and it’s so interesting to hear the problems with the herd you mentioned a while ago. This comes after the blows of bird flu, of course, many of the prices of egg and birds and chicken that we had also seen. So, I wonder how much lag there is, while there is usually no kind of passage and prices that consumers have to go through.
03:19 Stu Leonard Jr.
Well, you know, Brad, one of the things we deal with with very small local companies and many of them hit the tariffs. I was currently making a small diagram for you. It’s here, isn’t it? So look at this, um, a little. Hmm,
04:03 Spokesman a
Oh, wow.
04:34 Stu Leonard Jr.
Do you see this here? Can you, can you see this thing?
04:41 Spokesman a
We do it. We do it. We understood it very much. You don’t have to adjust anything, Stu. We took you.
04:47 Stu Leonard Jr.
Okay, you understand. Okay well. But in principle, these are the tariff elements here that we see a problem. Bananas come from Costa Rica, Pineapple, do you know, Costa Rica, Peru again. Um, we currently have wines and champagne from Europe, these are all tariffs. You know, so many of them are small suppliers. I mean, apparently the bananas are not that big. We have a 10% increase in tariffs. We split it with the importer. So, um, we eat 5%, our family eats 5%. These are the objects that keep us alive here. We have avocado. There is no tariff for them, salmon, no tariff. You know, you currently have beef, which is made a tariff, but as I said, it attacked a little because of the size of our flock. And lobsters here, we were sending, I think the United States supplied £ 80 million a year to China and with these high tariffs we get the benefit of the United States with sufficient lobster supply, the price decreases a little. It is the same with the grapes at the moment, in California, we took them to our soil to the United States and the same thing that has to do with melons, they throw them into Georgia right now that are beautiful. So, for us, it is a good time for us, because local products and local fruits and vegetables come online. I cannot do anything about pineapples and bananas because we do not deal with them in the United States.
05:01 Spokesman a
Uh.
07:00 Spokesman a
Yes.