Stew Leonard's CEO Stew Leonard Jr. argued on Wednesday that supermarkets are facing the "perfect storm" amid high inflation and a demand surge.
Leonard attributed the demand surge to people not wanting to go out to eat in restaurants as much due to fears related to COVID-19.
"We have a lot more home chefs. People are cooking restaurant-quality steaks at home, so you’re seeing a demand surge right now which puts an effect on the market," he told "Mornings with Maria" on Wednesday.
"I think there’s another half of it, which has to do with real-life stuff; fuel prices are up, labor costs," he continued." We’ve had to raise our labor rates $2 an hour at Stew Leonard's. That’s not going to go away. So you’re going to feel it a little bit."