In a pointed critique during his speech at the South Carolina’s First in the Nation Dinner, President Joe Biden accused grocery stores of “ripping people off” amid the ongoing inflation issue.
Fair Pricing or Gouging?
“Inflation is coming down. It’s now lower in America than any other major economy in the world,” Biden stated. “The cost of eggs, milk, chicken, gas, and so many other essential items have come down.”
A Presidential Warning
“But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation,” he added.
Biden’s Vow
Biden voiced the American public’s exhaustion with being overcharged by grocery stores, asserting, “Well, it’s going to stop. Americans, we’re tired of being played for suckers, and that’s why we’re going to keep these guys — keep on them and get the prices down.”
Consumer Concerns
Biden’s remarks about grocery stores overcharging come at a time when inflation remains a significant concern for many Americans during their grocery shopping.
A 22-Year High
This week, the Federal Reserve decided to maintain interest rates at a range of 5.25% to 5.5%, the highest in 22 years, marking the fourth consecutive time without a change.
Survey Reveals Public Mood
A recent Axios Vibes survey revealed that 59% of participants feel “angry, anxious or resigned” when buying groceries, with anger being the predominant emotion. Additionally, 72% indicated that grocery shopping is where they most acutely experience the impact of inflation.
Costly Cart
Although inflation has receded from its peak in 2022, grocery prices are still notably higher than pre-2020 levels. Bureau of Labor Statistics data shows that Americans now spend about $125.51 for groceries that would have cost $100 in December 2019.
Cautious Approach
The Federal Open Market Committee’s recent statement emphasized a cautious approach in adjusting the federal funds rate, focusing on meticulously evaluating incoming data, future economic outlooks, and risk assessments. The Committee stated its intention not to lower the target range until there’s ‘greater confidence’ that inflation is consistently heading towards the 2 percent mark.
Surging Costs
According to Fox Business, food prices have surged by 33.7%, shelter costs by 18.7%, and energy prices by 32.8% since early 2021. Moody’s Analytics reported that American households are spending an average of $211 more monthly compared to last year.
Notable Hikes Continue
According to the Government Accountability Office, 2021 saw a significant 11% surge in the prices of groceries and restaurant meals, marking the sharpest increase since the 1980s.
Even with a relatively moderate rise in grocery prices in 2023, certain items continued to see notable hikes: steaks rose by 11.2% and ground beef by 6.7%.
Food Prices Slowdown
The latest consumer price index (CPI) report from the Bureau of Labor Statistics indicates a 2.7% increase in food prices from December 2022 to December 2023. This is a slowdown compared to the 10.4% increase during the same period in 2022.
Dining Out
Further findings from the Bureau indicate a 1.3% annual increase in the index for food at home, with a marginal 0.1% rise from November to December. Restaurant prices have risen by 5.2% over the past year, with the price index increasing by 0.3% from November to December. Limited-service meals (takeout) saw a 5.9% increase year-over-year, while full-service restaurant meals went up by 4.5%.
Overall, the annual food inflation rate has been on a downward trend for over a year.
Bidenomics in Action
Cumulatively, Americans are facing an average monthly expenditure increase of $1,020 compared to two years ago. Meanwhile, President Biden continues to promote “Bidenomics,” pointing to the December figures as evidence of economic progress.
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