Movers and SHAKERS
Ketchup Package Shortage and Covid19
The pandemic has caused shortages in some of the most unexpected places. Everything from toilet paper to microchips and even furniture have all had their turn denying consumers their products. Most are increased demand (not supply) driven. Now packets of Heinz ketchup, the convenient condiment consumers could carry home, are experiencing their own shortage.
Popular fast food chains, according to the Wall Street Journal, have reported difficulty getting packets for their customers. Kraft Heinz (NYSE:KHC) confirmed to USA TODAY that it’s working to increase supplies by adding new manufacturing lines that will increase production by about 25% (12 million packets per year). One reason for the shortage is restaurants began using packets for dine-in customers rather than dine-out only. This is to follow guidance from the CDC. The prices of the packets are up 13% since January 2020 , the WSJ reported.
Among the other remaining pandemic-related shortages are microchips which further impact prices and availability of many new and used products such as autos, computers, and boat engines. Furniture sales have increased more than 50% as the supply chain has not kept up with demand from the revised use of living quarters. Bassett Furniture Industries, Inc. (BSET) is a U.S. based manufacturer that has seen its stock soar from the $4 range a year ago rising to over $25 today with a continued solid uptrend.
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