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business Saturday 23 april 2022
Inflation drives up Passover food prices for U.S. Jews

By LUIS ANDRES HENAO and Flatbush Community Fund,
MAE ANDERSON a Brooklyn-based charity.
Associated Press "But this year the COVID
NEW YORK (AP) — Shop- subsidies are over, and be-
ping for Passover on a re- tween that and inflation,
cent day at a kosher super- it was a double whammy
market in the Hasidic Jew- that hit working families
ish section of Brooklyn's Wil- when they needed it the
liamsburg neighborhood, most."
Moshe Werzberger worried Weinberg's organization
about how inflation is driv- has distributed food, gro-
ing up prices during one cery cards and checks to
of the most important holi- more than 1,100 families
days for Jews. this Passover, up from 850
"It affects us very much," last year.
said the 23-year-old, who Diana Kogan, director of
recently canceled plans Caring for Jews in Need,
to vacation in Florida with an initiative of the Jew-
his wife and 2-year-old son ish Federation of Greater
because of skyrocketing Los Angeles, said inflation
prices. Inflation has be- and shortages have been
come a main topic of de- "a huge issue" for Jewish
bate for worshippers at his groups in Southern Califor-
synagogue and also in his Moshe Werzberger shops for Passover food and other groceries at a kosher supermarket in the nia that provide holiday
extended family as they Hasidic Jewish section of Brooklyn’s Williamsburg neighborhood in New York on April 19, 2022. food packages to vulner-
Associated Press
share the celebratory Pass- able communities includ-
over meals, Seders. The need is so great that sands of families are eating on food imports, particu- ing older adults, Holocaust
"It just keeps on going up the Met Council, which less meat during Passover, larly seeds and other items survivors and people with-
and up …" he said as an- runs the country's largest which this year falls from that produce oils. out housing.
nouncements rang out in kosher food pantry, ex- April 15 to 23. The only thing likely to put "Kosher meat, kosher chick-
Yiddish on the store's inter- pects to supply a record Grocery prices rose 10% in a dent in inflationary pres- en in particular, has been
com. "And at some point of nearly 3 million pounds March on a year-on-year sures is the Federal Reserve an issue," she said. "Chick-
it's going to have to stop, or of food in Passover pack- basis — the most in 41 years cutting interest rates, said en used to be $1.89 per
no one is going to be able ages and $500,000 in emer- — driven by higher prices Laura Veldkamp, a profes- pound. But this year it's over
to afford to go shopping." gency food cards among for poultry, fish, eggs, beef sor of finance and eco- $3 a pound. We've also
As households feel the the Jewish community in and other meats. nomics at Columbia Uni- seen a 20% to 30% increase
squeeze of surging con- greater New York City and The reasons for the surge versity. But families suffering in kosher food prices."
sumer prices, some U.S. New Jersey. vary: supply chain snags, sticker shock from shopping Kogan said groups such as
Jewish families observing "We've been doing chari- unfavorable weather and for Seders can't expect a Jewish Family Service of LA
Passover have struggled table work for 50 years, and rising energy prices. The lat- respite anytime soon. and Tomchei LA have been
to pay for eggs, gefilte fish we've never seen anything ter, driven by Russia's war "Last year there were a stockpiling food since be-
and the unleavened bread like this," said David Green- against Ukraine, pushed number of government fore Passover, buying items
known as matzo, which field, the council's execu- wholesale prices up a re- subsidies and programs when they are on sale. But
represents their ances- tive director. He added cord 11.2% last month from that people were able to that has created a need
tors' exodus from slavery in that there's "no question" a year earlier. Transporta- tap into," said Yitzy Wein- for storage space, freezers
Egypt. that hundreds of thou- tion problems are weighing berg, executive director of and generators.q

American Express profits fall slightly,

but spending jumps

By KEN SWEET leased some reserves that it from American Express'
AP Business Writer had set aside to cover po- results, this appears to be
NEW YORK (AP) — Ameri- tential losses earlier in the true. Cardmembers spent
can Express' first-quarter pandemic. $350 billion on their AmEx
profits fell roughly 6% from "Our strong first-quarter cards in the quarter, up
a year earlier, but the com- results demonstrated the 30% from a year earlier. The
pany saw a 30% jump in continued business mo- average AmEx card holder
spending on its namesake mentum we've achieved spent nearly $6,000 on their This Aug. 11, 2019, photo shows an American Express card in
cards in the quarter as its over the last several quar- accounts last quarter, up New Orleans.
cardmembers returned to ters despite the uncertain 27% from a year earlier. Associated Press
their habits of shopping, macro environment," AmEx AmEx said March spend- March and has continued spending to accelerate in
traveling and dining. CEO Steve Squeri said in a ing on its cards was an all- into April," said AmEx Chief the second half of the year,
The New York-based com- statement. time high for the company, Financial Officer Jeffrey as more countries open up
pany posted a profit of $2.1 Travel and entertainment while January was quieter Campbell, in an interview. travel and people return to
billion, or $2.73 a share, companies have been reflecting the spread of the Travel spending is still down pre-pandemic habits.
down from $2.24 billion, or saying for months that U.S. omicron variant that im- from 2019 levels, but has AmEx also reaffirmed its full-
$2.74 a share, a year ear- consumers are eager to pacted much of the world mostly recovered from the year profit guidance, say-
lier. Last year's results had get back to traveling after at the beginning of the pandemic, according to ing it expects to post earn-
a one-time boost to AmEx's the two-year coronavirus year. "Travel and entertain- AmEx's results. The com- ings of between $9.25 and
results, as the company re- pandemic, and gauging ment demand roared into pany said it expects T&E $9.65 a share for 2022.q