spot_img

Grocery Gouging? FTC Slams Retailers for Inflated Prices

Date:

spot_img

(AURN News) – Brace yourself for sticker shock at the supermarket – and not just from inflation. A blistering new report from the Federal Trade Commission accuses some grocery retailers of price gouging during the pandemic recovery. While supply chain disruptions and rising costs initially drove up food prices, the FTC alleges certain chains have kept prices elevated to boost profits well into 2023.

“The commission’s report finds that some in the grocery retail industry seem to have used rising costs as an opportunity to further raise prices to increase their profits, which remain elevated today,” the agency stated bluntly.

The numbers don’t lie. Food and beverage retailer revenues skyrocketed to over 6% above total costs in 2021 – outpacing even their 2015 peak of 5.6%. In 2023, profits soared even higher, with revenue reaching a whopping 7% over costs.”Casting doubt on the assertions of some companies that rising prices at the grocery store are the result of retailers’ own rising costs,” the FTC declared.

As we continue battling stubborn inflation at the checkout line, the report suggests some of those painfully high grocery bills may be more a matter of corporate greed than economic necessity.


Click play to listen to the AURN News report from Jamie Jackson:

The post Grocery Gouging? FTC Slams Retailers for Inflated Prices appeared first on American Urban Radio Networks.

Read the Black Chronicle Black History Edition for Free! Click Below

Read the Black Chronicle Black History Edition for Free! Click Below

spot_img
spot_img

Subscribe

Share post:

Popular

More like this
Related

Pritzker set to sign legislation protecting patients, healthcare manufacturers

(The Center Square) – Two bills concerning healthcare are...

Trump opposes proposed gag order in classified documents case

(The Center Square) – As the presidential campaign continues,...

Exclusive: Retired border chief says Michigan, other states face impacts of border crisis

The reported immigration wave at the southern border is...

Major Heat Wave Grips Nation

A severe heat wave is descending on large swaths...