Did grocery chains take advantage of COVID shortages to raise prices? FTC says yes in new report
Did grocery chains take advantage of COVID shortages to raise prices? FTC says yes in new report
Large grocery store chains raised prices well above their costs during the pandemic's supply-chain bottlenecks and product shortages, FTC report says.
This is just capitalism working as intended. The fact that these price increases are being sold as some kind of abnormality is some real neolib brain in action. It isn't "greedflation," it's literally the same capitalism we've lived with for centuries.
It was on a bit of a speed run for a while there. Things don't normally jump $1-4 in a single leap.
So now what. Will they have to reduce them again? Haha jk jk. Fuck us.
If it's okay to price gouge, it's okay to steal.
Yeah I knew we were screwed when places like Walmart were still "complaining" about covid supply chain shortages well into 2023, despite the fact that some local farmers were selling eggs so cheap that people where trying to figure out what the "catch" was.
Dude, have egg prices gone back up in the past couple weeks near you all as well? I couldn’t find a dozen for under $5 the other day—and those are like, the pink styrofoam carton white factory farm eggs. Burn it all fuckin down
Filed in the "No fucking shit" folder.
I think the Australian consumer protection agency released a report saying similar a few months ago already. They basically said the high inflation rate was a result of price gouging and corporate greed.
Surely the FTC has the authority, staff, and funding to follow up with this report with criminal charges for conspiracy to defraud, price-fix, and gouge consumers, and will do so with unified bipartisan support by duly elected officials who adequately represent the will of the people in their respective districts. I can see no other reasonable response in a functioning society, so this is surely what will happen.
Sue all of the corporations and distribute the I’ll-gotten gains back to us in a surplus check.
And they are going to take action to get that money back for citizens, right?
All I know is that if shrinkflation goes on much longer, I'll just be handing over money for product that cannot be seen with the naked eye.
Groceries have about a 2% markup. If prices were not raised due to inflation, you would see shortages at the grocery store. Do you enjoy shortages? Because I don't. If the government starts putting price controls on shit, you're going to see rapid deterioration real quick. As an example, the governments might say that a grocery store can only sell Oreos for a dollar. And okay, that's fine. Except that grocery store won't have any Oreos when you want them. But you can go to your local drug dealer and get Oreos for three dollars if you wish.
Our local food pantries are literally overflowing with donations from Hannaford, Price Chopper and some other local markets. The stuff is on the shelves here just a lot of it isn't being bought because it's a slightly more expensive option.