"I thought we may be able to have said that last year. When we started the year, we thought inflation would be up double digits. We have now revised that forecast to be more in the high teens. We are seeing it across a broad basket. We have seen it in our commodities like wheat and other things we cover. We are seeing it in our fuel costs and transportation. We are seeing it in packaging. So it's difficult for me to see the peak now."
I've seen a price increase of roughly 50% for food in the last two years. It's likely going to be another 20% by December. So, a staggering 80% jump in food prices in just 3 years. It wouldn't surprise me if we see an elegant and painful double for 2020-23.