One of the Largest Grocery Chains in Nation Admits to Price Gouging in Ohio
As if grocery prices weren't already astronomical enough.
One of the nation's largest grocery store chains just admitted to raising its prices above the rate of inflation. In this economy?! Not cool.
We just can't catch a break, can we? From the shipping port strike to post-Covid supply chain issues we've watched the average price of consumer goods skyrocket to unprecedented highs.
While beloved mom and pop shops close up left and right billion-dollar Fortune 500 companies are reporting record breaking profits. For example, Indiana-based pharmaceutical company Eli Lilly. One of the world's top 3 insulin manufacturers, Lilly reported a strong 4th quarter in 2023 with a 28% increase in revenue. Go figure!
Another company who did remarkably well in 2023 was the nation's largest traditional supermarket company? Kroger.
According to Food Industry for the fiscal year 2023 Kroger, "reported over $148 billion in revenue." However, in recent anti-trust hearings Bloomberg reports a top exec at the Ohio-based grocery chain admitted the company,
raised the prices of eggs and milk more than needed to account for inflation
Basically, Kroger's plan to account for inflation was passing that inflation on to us, the consumer. However, Kroger isn't the only one to blame!
While corporate price gouging has plagued the U.S. for decades and is nothing new, Kroger execs claim they've been singled out. And what about that big merger? You know, the one that would make one of the largest grocery chains in the nation even larger? Jake Johnson of Common Dreams writes,
In its legal challenge against Kroger's proposed merger with Albertsons, the FTC argues that the deal would further drive up costs for consumers by eliminating "fierce competition" between the two grocers.
It's so disheartening to learn one of the biggest brand names in Ohio is taking advantage of the very people who have continuously both supported and depended on it. I don't think our budgets can stretch any further!
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