The CEO of Berkshire Hathaway-owned (BRK-A, BRK-B) See’s Candies is finally seeing some relief on the prices that help bring the brand’s storied chocolate to market.
“Sugar has more than doubled [in price]. Sugar is more expensive in the United States of America than any other place on the planet. It’s a price-controlled kind of a scheme. Butter is up over 100% in the last year,” explained See’s Candies CEO Pat Egan on Yahoo! Finance Live (video above). “I believe that we’re actually, I hope, at the peak of that.”
Egan isn’t alone in the C-suite community in breathing a sigh of relief on inflation after a brutal two-year stretch.
Of all the S&P 500 companies that reported first quarter earnings from March 15 to May 11, new FactSet research found that 278 called out “inflation” on their earnings calls. While this is above the five-year average of 211, the number is the lowest among S&P 500 companies going back to the second quarter of 2021.
It also represents the third consecutive…
This article was written by and originally published on finance.yahoo.com