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Average US gas prices are nearing $4 a gallon, while stocks make 4th straight decline. Costco is focusing on lowering prices, even as Whole Foods raises prices. Amazon is investing in an electric fleet in Europe, plus more financial news.
On Monday, the national average for a gallon of regular unleaded gasoline edged toward $4 per gallon as it reached $3.919, up from $3.799 a week earlier and $3.724 a month earlier, according to AAA. The average price climbed 12 cents over the week.
At the time of this writing, the Brent crude was $98.75 and is nearing the psychological $100 per barrel figure, Zero Hedge reported
US stocks moved lower on Monday–the fourth consecutive session of losses–after struggling amid concerns about another move by the Fed to raise interest rates. The Dow fell 80 points, or 0.3%, while the S&P 500 dropped by 25 points, or 0.7%, and the NASDAQ surrendered 126 points, or 1.2%, MarketWatch reported.
Costco says it recognizes people pay a membership fee for access to low prices, and the chain says its leadership is keeping its buyers focused on ensuring prices stay low, The Street reported. The company says when prices go up, its buyers are in contact with suppliers to understand the reason behind the increases. And when costs come down, the chain says it’s calling suppliers to ask, “When are we going to get a reduction?”
The high-end supermarket chain Whole Foods once had the unfortunate nickname of “whole paycheck,” meaning their groceries were so expensive you would spend your whole paycheck shopping there.
The Amazon-owned grocer is raising prices on some emerging brands, Yahoo Finance reported. Some of the increases are as much as a dollar or two for on-the-shelf products that sell for twenty dollars or less. The increases come after several rounds of price cuts at Whole Foods in the years after Amazon acquired the grocery chain in 2017. The price increases are larger than many expected, even with inflation.
Amazon announced on Monday it plans to invest more than 1 billion euros ($974.8 million) over the next five years in electric vans, trucks, and low-emission package hubs across Europe, accelerating its drive to achieve net-zero carbon, Reuters reported.
