Though unofficial, signs of inflation loom large: Landry's CEO
Officials such as Fed Chair Janet Yellen insist that inflation remains tame, however, an unofficial check suggests quite the opposite.
On Tuesday's "Street Signs" the CEO of Landry's, the owner of many popular restaurants including Morton's, McCormick & Schmick's and Bubba Gump as well as the Golden Nugget Casinos and more, insisted that inflation is creeping into the economy.
"I can tell you, every single cost is up right now except energy," said Tilman Fertitta. "I keep hearing experts say inflation isn't there; it's there."
Due to swings in food costs, it may seem like a restaurant operator may be more sensitive to inflation, but Fertitta said he's seeing inflation in almost every item he purchases.
"Whether I'm buying a plate or a broom or meat or fish, everything is up. It's every product," he said.
"To say there isn't inflation is unbelievable," Fertitta said.
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Fertitta did concede that declines in energy prices may be counterbalancing rises elsewhere, however, he added lower crude presented somewhat of a double-edged sword.
Although $3 gas increases restaurant business, he added that as a company based in Texas, he's worried about what lower oil means for the local economy. "If oil drops to $50, we'll have problems. It would probably help in the rest of the country but we're so Houston based, I would not want to see it."