The CEO of the largest Hispanic-owned food company in the U.S. is sounding the alarm over crippling inflation, using a can of beans as an example of how prices have surged since President Biden took office.
"The price of our can of beans, before this administration was, say, $0.99. The price of cans went up 64% two years ago, so now we're at $1.50 for the same can, so it's a 50% increase. It's not a 21% increase," Goya Foods CEO Bob Unanue said during an appearance on "Fox & Friends" in response to the price of groceries being more than 20% higher compared to four years ago.
His remarks came just after the newly-released PPI Index in August showed a 0.2% rise in wholesale inflation from last month and a 1.7% rise in year-over-year inflation.
Sitting down with co-host Brian Kilmeade, Unnanue reacted to these data points.
"It's like temperature – you have the temperature, but then you have the real feel temperature. You have the wind chill effect and, since this administration has come in, we're in a much higher base than what we used to be. The last big inflation push was in 2008. Grain prices tripled. They came back to double, but now we're on a much bigger base, and it continues to climb at a lower rate, but it continues to climb."
Criticizing Biden's presidency, he outlined some potential culprits behind price increases – the war against fossil fuels, the Green New Deal, and weakness that invoked the Russia-Ukraine War – a driving force behind higher fertilizer prices – among them.
The uptick in prices for steel – a material commonly used in can production – posed another problem for companies like Goya.
"In our case, we had steel prices go up, packaging prices go up 64%… that [the price increase] was two years ago," Unanue explained.
"This is created by this administration. This is man-made inflation – man and woman-made," he stressed.
Unanue also made an appearance on "The Brian Kilmeade Show" Thursday, where he continued his discussion about the economy and elaborated on his support for former President Trump.
"This is communism," he said of Vice President Harris' proposal to implement price controls. "We're moving away from God. You know, we're not the land of opportunity anymore. We're the land of handouts. And we're spreading money all over the world. We have to, I say, we have to align with our allies in this hemisphere and like Europe has done with the European Union and, you know, strengthen our economy.
He also criticized the Biden administration over the weekend for allegedly "driving" Americans into poverty.
"We've just gone from bad to worse," he told "Fox & Friends Weekend."
"The record is very clear. I just don't know how they can spin it, that we're better off than we were before."
https://www.foxbusiness.com/media/goya-ceo-reveals-why-price-grocery-staple-skyrocketed-under-biden
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