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Thu April 7, 2011
Gas prices pinching retailers
Gasoline prices in Michigan continue to edge closer to $4 a gallon. Rising prices are affecting retailers along with customers. Consumers are taking a double hit, prices are rising at the pump and increasing fuel costs are expected to boost food prices by 3 to 4 percent this year, with the biggest increases in meat, dairy and coffee.
Many of Meijer’s 101 stores in Michigan have company gas stations sitting in front. Frank Guglielmi is a Meijer’s spokesman. He says as gas prices rise the retailer is seeing customer buying patterns change.
"The more money they have to spend on fuel for their vehicles, the less they have potentially spend on groceries or general merchandize in a Meijer store.”
Guglielmi says Michigan consumers have become a “battle hardened” group" as a result of the double punch of recession and high gasoline prices in recent years.
The price of fuel is expected to continue to rise through Memorial Day.