During a recent speech at the First in the Nation Dinner in Columbia, South Carolina, President Joe Biden criticized grocery stores for their high prices, accusing them of exploiting consumers amidst ongoing inflation concerns.
"Inflation is coming down. Its now lower in America than any other major economy in the world," Biden asserted. He further noted that the costs of essential items such as eggs, milk, chicken, and gas have decreased. However, he expressed concern over the persistent high prices in grocery stores, attributing them to corporate greed and manipulation.
"But for all weve done to bring prices down, there are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation," Biden stated. He added that Americans are weary of being taken advantage of by these corporations. "Well, its going to stop. Americans, were tired of being played for suckers," he declared, promising to continue efforts to reduce prices.
These comments come at a time when inflation continues to be a significant concern for many Americans, particularly when shopping for groceries. A recent Axios Vibes survey revealed that 59% of respondents felt "angry, anxious or resigned" while grocery shopping, with anger being the predominant emotion. Furthermore, 72% of respondents reported feeling the impact of inflation most acutely when purchasing groceries.
Despite inflation rates falling from record highs in 2022, prices remain considerably higher than pre-2020 levels. According to data from the Bureau of Labor Statistics, Americans are now spending approximately $125.51 on groceries that would have cost $100 in December 2019.
The Federal Reserve recently maintained interest rates at a range of 5.25% to 5.5% for the fourth consecutive time, marking the highest level in 22 years. "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," a statement from the Federal Open Market Committee read.
Calculations by Fox Business indicate that food prices have risen by 33.7% since the start of 2021, with shelter costs increasing by 18.7% and energy prices by 32.8%. Moodys Analytics also reported that Americans are spending $211 more per month compared to the same period last year. On average, Americans are now spending $1,020 more each month compared to two years ago.
Despite these challenges, Biden has consistently promoted his economic policies, often referred to as "Bidenomics," and pointed to December's figures as evidence of economic improvement.
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