Groundwork’s Lindsay Owens on November CPI Report: “With food prices rising, the last thing consumers need is less competition in the grocery sector”
December 11, 2024
Groundwork’s Lindsay Owens on November CPI Report: “With food prices rising, the last thing consumers need is less competition in the grocery sector”
Today, the Bureau of Labor Statistics released the November Consumer Price Index, which shows inflation at 2.7% year-over-year. Groundwork Collaborative Executive Director Lindsay Owens reacted with the following statement:
“With food prices rising, the last thing consumers need is less competition in the grocery sector. The Federal Trade Commission was absolutely right to block the merger between grocery giants Kroger and Albertsons. The best way to deliver lower prices for consumers is to ensure robust competition in food, agriculture, and grocery.”
Email press@groundworkcollaborative.org to speak with one of Groundwork’s experts about inflation.
BACKGROUND
- The merger would have created a massive new grocery retailer that would control 22% of the retail food market, and result in two giant grocers (Kroger/Albertsons and Walmart) controlling more than 70% of the grocery market in over 160 cities.
- During the trial, it was revealed that a top pricing executive at Kroger wrote in an email, “On milk and eggs, retail inflation has been significantly higher than cost inflation.” These grocers used inflation to hike prices and supercharge their profits.
- A Groundwork report found that families are now paying 25+ percent more for groceries than they were before the pandemic, outpacing overall inflation. The report recommended antitrust enforcement against further mergers and consolidation in the food industry, like the Kroger-Albertsons merger.
