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Biden is pointing the finger at grocery stores, accusing chains of participating in greedflation, shrinkflation, and artificially increasing prices aggressively, on consumers…without merit.
With pressures high ahead of election season, so are prices on everyday goods, and there’s no sign of the madness stopping. At the political shindig, the First in the Nation Dinner in Columbia, South Carolina last week – President Biden raised a stink on the matter (keeping his approval rating in mind, no doubt). He said:
“There are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation.”
Since 2022, the price of staples like; eggs, milk, and meat has increased by about 16% and although inflation has slowed down, it hasn’t stopped either. Taking a trip to the store these days is leaving customers feeling like the screws are being put them from every angle.
Senator Elizabeth Warren (D-MA) has also called for an investigation, saying, “Corporate greed shouldn’t be allowed to push up prices and squeeze American families during a time of economic hardship.”
There isn’t an agreed upon consensus as to the causes of rising grocery prices. Some economists believe that they are a result of supply chain disruptions caused by the COVID-19 pandemic. Others believe that they are a result of increased demand for food as people have begun to eat out less often. Still others believe that they are a result of corporate greed.
The Federal Trade Commission is currently investigating whether there is any price gouging occurring in the grocery industry. If the FTC finds that there is price gouging, it can take action to stop it, but as it turns out? Price gouging is only illegal in certain circumstances, such as during a declared emergency.
And Biden didn’t offer a solution during his comment, he only noted the situation, and hopes for a resolution…like the rest of us.
Outside of the US, however, some grocery stores are taking a stand against companies like PepsiCo – parent to Doritos, with several grocery chains taking the chips off their shelves because the price was increasing, and the bags were getting smaller.
Customers are noticing, and voicing their concerns across social media leaving a mile wide swath of arguments in their wake. One person took to Twitter to call out a McDonalds in CT for selling the Big Mac Meal for $18! With the prices increasing, consumers are finding ever-shrinking productc. A flurry of accusations alone against fast food chains like McDonald’s shrinking portions, most famously…the Filet-O-Fish…is eye-opening.
With the one-two punch of Shrinklation, and Greedflation hitting the country, it’s hard to see the light when even the President doesn’t have a solution.
At this rate, all anyone can do is send up a Hail Mary!
