Costco Shoppers Have Noticed A Price Increase On This Type Of Food

Remember in early June, when we predicted that Costco's prices were heading for a change? Costco, like many retailers, is at the mercy of its own supply chain. And, as you've likely been noticing of late, the whole notion of the "supply chain" has become quite fraught, thanks in no small part to the pandemic's impact on the workforce. For Costco, this has translated into its own costs skyrocketing. At the time, Costco's CFO reported on a third quarter earnings call that the company was making efforts to hold its prices at bay. However, he also made it clear that no promises could be made (via CNBC). 

The price of groceries have been rising steadily throughout the pandemic. As recently as September, the price of bacon had risen to 28% higher than it had been one year prior. Weeks later, the news that we've been dreading since June appears to have arrived. According to a group of vocal shoppers who like to share their Costco shopping experiences on social media, Costco's prices have finally succumbed to the pressure (via Reddit). In particular, Costco shoppers on Reddit have noticed a price increase on one particular category of food.

Since June's third quarter earnings call when Costco's CFO, Richard Galanti, hinted that Costco's warehouse prices might have to go up in the absence of organic relief from the ongoing pandemic-related supply chain fiasco, Costco shoppers may have been wondering when the other shoe might drop. It now has. On October 11, Costco shoppers who frequent the Costco subreddit commiserated over higher prices. "Apparently everyone is talking about the price of everything going up," Redditor @BitterBeerFaces pointed out (via Reddit). Although BitterBeerFaces, themselves, had not yet noticed any price increases at Costco, other Redditors quickly chimed in that they had, especially when it comes to meat. 

As @CruzeControl posted, "a lot of [Costco's] meat products have gone up in price." That includes pork, beef, chicken, turkey, and fish. Another Redditor reported that they just "couldn't justify" paying Costco's price for two rib eye steaks, which was a whopping $55. Others observed the rising price of Costco's chicken, pork (especially bacon), and turkey, as well as a notable scarcity of fish. It seems there's no reason to believe that a correction is imminent.