President Biden criticized grocery stores for high pricing, claiming they are “ripping people off” due to inflation.
He stated that while inflation is decreasing, certain essential items’ costs remain high.
The president vowed to address corporate practices like price gouging and shrinkflation.
Biden takes aim at grocery stores for 'ripping people off' amid continued high prices: 'Played for suckers' https://t.co/feTUgqKzTp
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“Inflation is coming down. It’s now lower in America than any other major economy in the world,” Biden said. “The cost of eggs, milk, chicken, gas, and so many other essential items have come down.”
“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.
A survey revealed that many Americans feel angry and anxious while grocery shopping, with 72% feeling the impact of inflation in this area.
“Well, it’s going to stop. Americans, we’re tired of being played for suckers,” Biden said. “And that’s why we’re going to keep these guys — keep on them and get the prices down.”
Despite a decrease from 2022 highs, grocery prices are still considerably higher than pre-2020 levels.
The Federal Reserve held interest rates steady, the highest in 22 years, and emphasized the need for sustainable inflation movement.
Data analysis showed significant increases in food, shelter, and energy prices since 2021.
“In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” the Federal Open Market Committee stated. “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
Americans are spending an average of $1,020 more each month compared to two years ago.
President Biden has championed “Bidenomics” and sees December’s economic numbers as a positive sign.
