Some CEOs worry about price increases at the grocery store

By Herald staff

Updated October 23, 2020 3:47 PM

Shoppers maintain 6 feet of distance between one another as they line up to pay for their groceries at a Sedano’s Supermarket in Hialeah on April 1. CEOs were asked: There is currently a debate about whether the economy is experiencing inflation, and where it may be showing up. What goods or services have you seen appreciating rapidly in value? Daniel A. Varela dvarela@miamiherald.com

Fortunately, in the legal marketplace we have not seen a rapid increase in pricing for goods or services. As a result, there has been no disruption or increased pricing passed on to our clients for the costs we incur on their behalf.

Luis Flores, managing partner, Saul Ewing Arnstein & Lehr’s Miami office

We are optimistic with the surge in online shopping and engagement we’ve experienced during the pandemic. While we are cautiously optimistic as we move forward, the impact of the pandemic has been felt both emotionally and economically. We don’t know what the new normal will be. If I had to say where I have seen a significant rise in prices it’s at the grocery store. During the pandemic, some items are up by double-digit percentages. Food insecurity was a challenge for many in a robust economy. The pandemic has made it much worse.

Guy Harvey, founder, Guy Harvey Enterprises

As a financial institution operating in this historically low interest rate environment, we are seeing our members benefit tremendously from refinancing/acquiring loans at phenomenally low interest costs. We see asset values, such as homes and used cars, holding steady or slightly increasing. As far as overhead costs (i.e. occupancy costs, salaries/benefits, employee health care premiums), we see flat or decreasing, primarily due to acute supply/demand influences caused by COVID.

Allan Prindle, president, CEO, Power Financial Credit Union

Salaries are not increasing and many of those we serve have lost their jobs, yet the basics needed to survive in our region are inflating. Housing costs are on the rise, child care costs have almost doubled with fewer options and higher operating costs due to COVID-19, and food and hygiene essentials have also seen an increase. The gap between income and what it can buy is widening, and disproportionately so for women and communities of color across South Florida. As part of our early childhood education programs, our YWCA staff is readily available for low-income families in need of educational, nutritional, health, social, and other services. Additionally, we offer economic advancement programs, such as the YWeb Career Academy and WE360, to help empower women’s financial growth in new career pathways.

Kerry-Ann Royes, CEO, YWCA South Florida

I have not seen any direct effect from this on my business yet.

Mindy Solomon, owner, director, Mindy Solomon Gallery

On a personal level, I have noticed construction materials have increased substantially and are in limited supply. For the museum, contracted specialty labor has seen an increase, which is something we are closely monitoring and evaluating.

Frank Steslow, president, CEO, Phillip and Patricia Frost Museum of Science

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THE MIAMI HERALD CEO ROUNDTABLE IS A WEEKLY FEATURE THAT APPEARS IN BUSINESS MONDAY OF THE MIAMI HERALD. RECENT QUESTIONS TO THE ROUNDTABLE HAVE INCLUDED:

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