Biden is trying to pressure grocery chains to lower their prices. Yay! Not sure it will do anything, but it’s a good pitch for the 2024 campaign.
Prices in grocery chains have gone up so fast and so much. i bought into the idea that the cost of goods and labor were going up. But when I looked at Costco prices the other day, they remained the same or lower over the past several years. if they can do it, why can’t the grocery stores keep prices more stable?
President Biden, whose approval rating has suffered amid high inflation, is beginning to pressure large grocery chains to slash food prices for American consumers, accusing the stores of reaping excess profits and ripping off shoppers.
“There are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation,” Mr. Biden said last week in South Carolina . Aides say those comments are a preview of more pressure to come against grocery chains and other companies that are maintaining higher-than-usual profit margins after a period of rapid price growth.
Mr. Biden’s public offensive reflects the political reality that, while inflation is moderating, voters are angry about how much they are paying at the grocery store, and that is weighing on Mr. Biden’s approval rating ahead of the 2024 election.
Economic research suggests the cost of eggs, milk and other staples — which consumers buy far more frequently than big-ticket items like furniture or electronics — play an outsize role in shaping Americans’ views of inflation. Those prices jumped more than 11 percent in 2022 and 5 percent last year, amid a postpandemic inflation surge that was the nation’s fastest burst of price increases in four decades.
The rate of increase is slowing rapidly: In December, prices for food consumed at home were up by just over 1 percent, according to the Labor Department . But administration officials say Mr. Biden is keenly aware that prices remain too elevated for many families, even as key items, like gasoline and household furnishings, are now cheaper than they were at their postpandemic peak.
