Rodney McMullen, chairman and CEO of The Kroger Co. BB #:100073, said he’s seeing food inflation slowing down, and that makes him optimistic for 2023.
Speaking on Good Morning America, McMullen said meat like turkey, chicken, and beef continues to be higher priced than last year, but fresh produce prices are coming down.
He added that consumers can stretch their food budgets more by switching to private label.
Regarding holiday shopping, McMullen said that while turkey prices are about 20 percent higher than last year, Kroger is not passing that increase onto consumers.
He said Kroger promoted a program this year in which consumers could buy enough food to feed a group of 10 for less than $5 per person.
“One of the things we’re seeing is that people continue to eat and cook at home,” he said on the show, and he expects that to continue to be a food trend next year.
