Under the “wise” leadership of Democrat President Sleepy Joe Biden, whose leftist and Marxist administration is eager to squander trillions of taxpayer dollars in gigantic communist state spending, grocery prices in America are skyrocketing and there is no relief in sight in that regard.
The alarm for spiking grocery prices was just raised by no other than Kroger, the largest supermarket chain by sales – which totaled $132 billion last year.
Kroger issues warning after Albertsons already did
Kroger, which is based in Cincinnati, Ohio said in a statement that inflation is spiking substantially more than its management had expected and that prices are expected to grow by 3% in the second half of 2021 – on top of the increases already accrued so far.
The food component of the consumer price index has been growing consistently for the past six months, for an increase of 2.6% so far this year.
Half of that spike is attributed to the truly soaring prices of the main types of meat: poultry, pork, and beef.
Poultry prices have already jumped by 6.6% in 2021 so far, the increase for pork is even more staggering at 12.1%; beef, however, has really skyrocketed with a spike of 14%.
Only fruits and vegetables became cheaper among the six main food groups in July, falling by 0.9% but only after growing by 0.7% in June.
Before Kroger’s fresh food inflation warning, its rival, Albertsons Companies Inc., already expressed similar worriers earlier this summer.
It stated that inflation was going to pick up pace in the second half of 2021, and that, just like Kroger, it intended to pass at least some of the growing costs to the consumers.
With inflation already soaring in 2021, American consumers are dealing with the highest annual consumer price increase since August 2008.
The administration is blaming the meat producers
While the Federal Reserve has claimed that the price increases will subside with the resolving of pandemic supply chain disruptions, the Biden administration has gone out of its way to blame them on no other but the meat producers themselves.
More specifically, it argued that there is a “lack of competition” in the sector of meat processing – in argumentation seeming to be shifting responsibility from the actual federal government to the producers.
Last week, Brian Deese, Director of the National Economic Council, argued that the bulk of the market for beef, pork, and poultry is controlled by only four large conglomerates.
He blamed the corporations in question for generating “record profits” in the pandemic by raising prices single-handedly.
Deese added that the Biden administration is “taking bold action” with respect to antitrust legislation enforcement and boosting competition.
It remains highly questionable whether such efforts would be carried out efficiently, whether they would pay off in the form of reducing meat prices or at least stemming their growth, or when such relief might even be in sight.
In the meantime, the spiking food prices might leave many regular Americans struggling as they have been hurt financially by the COVID-19 pandemic – that is all on Joe Biden and his administration.