"President Biden knows grocery prices are still too high for hardworking families," declared the president.
A study that was released by the Federal Trade Commission on Thursday stated that the annual earnings of food and beverage retailers "rose substantially and remains quite elevated."
Grocery retailers reported that their revenues were 6% more than their total expenditures in 2021 and 7% higher in the first nine months of 2023, which is higher than the peak of 5.6% in 2015.
The Federal Trade Commission (FTC) is responsible for protecting the general public from unfair business activities. Those in charge of policymaking and the commission "warrant further inquiry" when it comes to high profit levels.
According to the Federal Trade Commission (FTC), trade promotions, which are payments made by consumer goods businesses to retailers in exchange for product placement in stores and on websites serving e-commerce, "may warrant further study."
The FTC came to the conclusion that conventional supermarkets that offered "high-low" pricing and a greater number of promotions were negatively affected by budget losses.
According to the findings of the poll, Walmart and other "everyday low pricing" stores who offered fewer promotions were successful. Not immediately, Walmart did not provide a comment. On Thursday, the stock price of this company, along with that of Procter & Gamble and Kroger's, moved from being flat to slightly higher.
The FTC has emphasized that the report does not make any allegations of criminality. "We're shedding light on what we're seeing in the market, which has broader relevance to policymakers beyond law enforcement."
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