Current Events > Price gouging at grocery stores occurred during pandemic FTC says.

(+) Yeah! (+)

https://www.usatoday.com/story/money/2024/03/21/ftc-report-grocery-chains-gouge/73059901007/

What we all knew.

Large grocery store chains exploited product shortages during the pandemic by raising prices significantly more than needed to cover their added costs and they continue to reap excessive profits, according to a Federal Trade Commission report.

The grocery giants also used their marketing power and leverage to widen their advantage over smaller competitors, according to the report, titled Feeding America in a Time of Crisis.

As the pandemic illustrated, a major shock to the supply chain have cascading effects on consumers, including the prices they pay for groceries, FTC Chair Lina Kahn said in a statement. The FTC report examining US grocery supply chains finds that dominant firms used this moment to come out ahead at the expense of their competitors and the communities they serve.

https://www.youtube.com/watch?v=4zwHCx54mIM

I would like to award this journalist the Congressional Medal of Duh.

Water is wet

I'm sure they'll be fined a few thousand and told never to do that again.

shocked pikachu etc

Clawback EVERY cent, distribute it to every non rich person and forcibly lower the prices.

I remember when retailers were scalping shit like video cards. I was like is this a 3rd party seller? Nope.

obviously

major stores were already selling shit at a 300-600% markup anyway

Hey, they finally verified the Greedflation everyone else noticed like 2 years ago!

Also note how the price increases have become permanent. Even though the supply chain is fixed now.

the problem is it is still fucking happening and the price gouging bill probably would have solved this but of course republicans said fuck the people

Things like this makes me not feel bad whenever people steal from them.

Pikachuchupika posted...

Things like this makes me not feel bad whenever people steal from them.

https://ritholtz.com/2023/12/retail-lobby-we-lied-about-organized-theft/

But all the online economists assured us that this is impossible and mockingly said things like "did these companies just suddenly become greedy when they weren't before?"

Hell, I've seen these online economists still try to deny this latest piece.

chaos_knight posted...

I'm sure they'll be fined a few thousand and told never to do that again.

They'll also drag their feet and pay the fine $5 at a time while they fight it in court.

thronedfire2 posted...

major stores were already selling shit at a 300-600% markup anyway

200-600%.

some products are 200%. eggs and ground beef (4$ and 6$ respectively).