A butcher stocks a display case with packages of steaks at a Costco store on May 24, 2021 in Novato, California.
Justin Sullivan | Getty Images
Don’t tell Costco executives that inflation is low.
The big-box club chain said it’s been seeing accelerating prices across a range of products, including shipping containers, aluminum foil and a 20% spike in meat prices over the past month.
“Inflationary factors abound,” CFO Richard Galanti said on the company’s fiscal third-quarter earnings call Thursday.
“These include higher labor costs, higher freight costs, higher transportation demand, along with the container shortage and port delays … increased demand in various product categories some…