Consumers have reached a point where they don't have the incremental spending power: Clarence Otis

Clarence Otis, former Darden Restaurants CEO, joins 'Squawk Box' to discuss news of French supermarket chain Carrefour dropping some Pepsi products and several brand names to protest what the company considers to be unacceptable price hikes, whether consumers might be approaching a breaking point, the state of food inflation, and more.