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U.S. markets recover from steep losses
LOS ANGELES, April 24 (UPI) -- U.S. consumers have begun stocking up on food staples to beat inflation, causing rice shortages in some stores, various retailers said.
Costco Wholesale Corp. said some of its outlets were limiting customers to two bags of rice a day, the Los Angeles Times reported Thursday.
One Costco store in Ahambra, Calif, said it had run out of rice Wednesday.
Sam's Club stores nationwide are restricting customers to four bags of jasmine, basmati or long-grain rice per visit, the report said.
Individuals, small retailers and restaurant owners are all stocking up.
"Rice has been an issue for a few weeks already," California restaurant owner Michael Yang told the Times after purchasing 46 bags of rice, weighing 50 pounds each.
Food prices are rising at an annual rate of 5 percent, the report said.
"It is like a run on the bank," Costco's Chief Financial Officer Richard Galanti told the Times. "We don't think there is a shortage, it is just increased shopping by customers who think there is."
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