NewsGrocery stores are overcharging customers, says Biden while he is preparing to react

Grocery stores are overcharging customers, says Biden while he is preparing to react

Shoppers push a cart of groceries through snow during a winter storm ahead of the Iowa caucus in West Des Moines, Iowa, US, on Friday, Jan. 12, 2024. The polar vortex is about to unleash an Arctic chill across much of the US this weekend, leaving football fans shivering in the Midwest and inflicting subzero temperatures on Iowa voters just before the states caucus begins. Photographer: Al Drago/Bloomberg via Getty Images
Shoppers push a cart of groceries through snow during a winter storm ahead of the Iowa caucus in West Des Moines, Iowa, US, on Friday, Jan. 12, 2024. The polar vortex is about to unleash an Arctic chill across much of the US this weekend, leaving football fans shivering in the Midwest and inflicting subzero temperatures on Iowa voters just before the states caucus begins. Photographer: Al Drago/Bloomberg via Getty Images
Images source: © GETTY | Bloomberg

7:01 AM EST, February 2, 2024

The president accused large grocery chains of reaping excess profits and ripping off shoppers.

"Americans, we’re tired of being played for suckers," Biden stated in in South Carolina. "And that’s why we’re going to keep these guys — keep on them and get the prices down."

"There are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation,"

While commentators are sure that the move came from an extended analysis of Biden's approval rating drop, people online are divided. From one side, we can see comments like "Way to go, Mr. President," while from the other, a scream saying, "You had your time, you won't fool people again" is the most popular response.

Economic studies indicate that the price of essential goods such as eggs, bread, and similar staples, purchased by consumers much more often than high-value items like furniture or electronics, significantly influence Americans' perception of inflation. In 2022, the cost of these items surged by over 11 percent, followed by a 5 percent increase last year, during an inflationary spike that marked the fastest rate of price escalation the country has witnessed in forty years in the aftermath of the pandemic.

Bharat Ramamurti, who previously advised Mr. Biden on economic matters and contributed to a forthcoming report on the surge in grocery prices, said:

"It’s hard to figure out what the short-term policy response is in this situation,"

The report is to be published on Friday; we will come back to you then with more information.

Sources: New York Times; The White House site

Related content