CEO Of Goya Blames Price Increases On Inflation

In a statement put forth by Bob Unanue, the CEO of Goya, it was revealed that the food company plans to heavily increase its prices very soon due to what he calls inflation.

As stated in an interview with Fox Business, the CEO stated that “inflation is here to stay at least for a good while and everybody has these costs.” The executive went on to cite extreme bottlenecks in the supply chain and shortages in labor as the main factors leading to the changes in price levels, which that have stated are going to see a roughly 6.2% increase on the consumer side.

As stated by Fox Business:

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“We’re vertically integrated,” he said, noting that his company makes their own cans and bottles. “The cost of all those packaging materials have gone way up,” Unanue continued. 

He noted that the increased cost for raw and packaging materials is a contributing reason as to why prices for some products increased this year…

“We bring products like coconut water from Thailand [and] from Vietnam and a container with about 1300 cases of coconut water in it used to cost about $1800, $1.40 a case; it’s gone up to $20,000 to get on a container ship if you can,” he noted. 

In addition to transportation issues, like many other companies, Goya has been struggling to secure trucks and staff warehouses as well as production facilities… “We are running with less people,” Unanue said. “We are doing more with less.”

Quite a few other companies have stated their intent to also raise prices.

Back in July, Mark Schneider, the CEO of Nestlé, stated that “what we’ve seen this year is some kind of a turning point, where after several years of low inflation, all of a sudden it accelerated very strongly.” While he stated his hopes that the inflation would only be transitory, the largest food and beverage company in the world was forced to increase prices by about 2% to offset the increases of around 4% that they were seeing.

Following that by just over a month, Tyson Food, which holds the title of being the second-largest meat and poultry producer in America, also announced a slated price increase. Back in the second quarter of 2021, Tyson instituted an increase on pork, chicken, and beef prices by 39%, 16%, and 12%, respectively.

Back during the 2020 election cycle, Unanue was the subject of much criticism from multiple progressives in the wake of his praise of President Trump for his economic results.

“We’re all truly blessed … to have a leader like President Trump who is a builder,” he stated while attending an event at the White House. “We have an incredible builder, and we pray. We pray for our leadership, our president.”

Despite the fact that Goya faced a boycott in response, Unanue stated he would not put out any apologies for his statements.

“You’re allowed to talk good or to praise one president but you’re not allowed — when I was called to be part of this commission to aid in economic and educational prosperity, and you make a positive comment, all of the sudden that’s not acceptable,” exclaimed Unanue. “Especially if you’re called by the President of the United States, you’re going to say, ‘No, I’m sorry, I’m busy, no thank you?’ I didn’t say that to the Obamas and I didn’t say that to President Trump.”

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