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President Joe Biden\u2019s administration is directing grocery chains to lower prices on goods from milk to eggs and bread as prices have soared since he took office in 2021.<\/p>\n
\u201cOur message is a very clear one that the president has and will continue to lean into, which is, if you\u2019re a company whose input prices have come down and you\u2019re not passing those savings along to the consumer, he will call you out,\u201d said Jared Bernstein, the chair of Biden\u2019s Council of Economic Advisers.<\/p>\n
\u201cWe\u2019ve seen elevated (profit) margins, particularly in the grocery sector, and have taken note that there needs to be more pass-through there (to consumers).\u201d<\/p>\n
Last week, Biden claimed \u201cthere are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation.\u201d<\/p>\n
\u201cAs inflation continues to ease and the job market remains tight and real wages and wage growth continue to beat price growth, that should start to show up as improved confidence,\u201d Bernstein said.<\/p>\n
\u201cWe\u2019re also working hard to lower costs \u2013 actual lower costs, not just lower inflation,\u201d said Bernstein, citing eggs, milk, appliances, airfares, used cars and gas as particularly sensitive areas for Americans.\u201d<\/p>\n
A spokesperson for the National Grocers Association called for stricter antitrust enforcement and said \u201cthe nation\u2019s largest retailers have used their muscle to force food suppliers to offset higher production costs by charging their smaller rivals higher prices.\u201d<\/p>\n<\/div>\n<\/div>\n
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