With inflation at its highest point in almost 40 years, American families are facing higher prices at the checkout and are making do with leaner meals.
Meanwhile, producers and grocers are exploiting the pandemic to jack up prices more than necessary to pass on increased costs to consumers, Sen. Elizabeth Warren, D-Mass., blasted in a new letter sent to the head of Kroger, the nation’s largest grocery chain, and shared with NBC News.
In June 2021, Kroger announced a $1 billion stock buyback program, in late 2020 Albertsons a $300 million stock buyback program, and Publix increased quarterly dividends during the first nine months of 2021 by over $70 million. The argument goes that if there were more robust competition, then any retailer who tried to raise prices in excess of costs would lose business to cheaper competitors.
This week, President Joe Biden called for hearings to investigate the meat industry, which has seen extreme price hikes during the pandemic.
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