85
Of course they did, who was trying to stop them?
The FTC takes too long to respond to such price gouging, and now that price is baked into prices.
this post was submitted on 24 Mar 2024
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They weren't the only ones, that's for sure.
Businesses fleeced us good. Got bailouts and then priced gouged the plebs to ensure they don't keep a penny of that mythical 3k USD covid payment that lasted 3 years!
This was way better than 2008 for them. Next one gonna be so grand!
Waiting for the right wing to say "market forces are good!"
Another day, another indicator of the inherent immorality of profit-seeking systems...
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Large grocery retailers took advantage of supply chain disruptions to beat out smaller rivals and protect their profits during the pandemic, according to a report released by the Federal Trade Commission on Thursday.
“President Biden knows grocery prices are still too high for hardworking families,” Jon Donenberg, a deputy director at the National Economic Council, said in a statement after the report’s release.
“The F.T.C.’s report examining U.S. 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,” Lina Khan, the F.T.C.
The regulator ordered the companies in late 2021 to turn over “detailed information” that would help shed light on the causes behind supply chain snarls and how business practices could have worsened disruptions.
“We will continue to operate with the highest ethical standards in collaboration with our partners to maintain the integrity and resilience of our nation’s supply chain,” Alicia Downard, a spokeswoman for McLane, said in a statement.
Companies across the industry have said they are planning smaller price increases this year, in part because some consumers have started to push back and cut their spending, which has led to some firms experiencing drops in sales.
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