President and CEO of 1-800-FLOWERS Chris McCann discussed whether soaring inflation will effect his business this Mother's Day and beyond.
"We need to recognize that not everybody can afford to spend X amount on mom… so we have price points starting at $5, $10, $20," he told host"We want to make sure that everybody has the opportunity to give mom the recognition they deserve." McCann also discussed the impact of increased costs for everything from gas to labor, stressing that the inflationary cost pressures on the company does present a "challenge.
Inflation accelerated to a new four-decade high in March and price hikes were widespread with energy prices rising a staggering 11% in March from the previous month, and are up 32% from last year. Gasoline, on average, costs 48% more than it did last year after rising 18.3% in March on a monthly basis as the Russian war in Ukraine fueled a rapid increase in oil prices.
Last month, the Labor Department said that the consumer price index – which measures a bevy of goods including gasoline, health care, groceries and rents – rose 8.5% in March from a year ago, the fastest pace since December 1981, when inflation hit 8.9%. Prices jumped 1.2% in the one-month period from February, the largest month-to-month jump since 2005.
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