President Joe Biden took goal at grocery shops, blaming them for “ripping people off” with excessive pricing amid the continued inflation blame sport.
President Biden’s remarks got here throughout a speech on the South Carolina’s First within the Nation Dinner in Columbia, South Carolina.
“Inflation is coming down. It’s now lower in America than any other major economy in the world,” Biden mentioned. “The cost of eggs, milk, chicken, gas, and so many other essential items have come down.”
“But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation,” the president continued.
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US President Joe Biden delivers remarks as he attends the Brookland Baptist Banquet Middle for his or her “Sunday Lunch” in West Columbia, South Carolina, on January 28, 2024. (KENT NISHIMURA/AFP by way of Getty Pictures)
The president mentioned that Individuals are “tired” of being “played for suckers” by grocery stores throughout the nation.
“Well, it’s going to stop. Americans, we’re tired of being played for suckers,” Biden mentioned to resounding applause. “And that’s why we’re going to keep these guys — keep on them and get the prices down.”
A girl retailers within the dairy part of a grocery store within the borough of Manhattan, New York, on January 27, 2024. (CHARLY TRIBALLEAU/AFP by way of Getty Pictures)
The president’s feedback come as inflation still looms over many Individuals’ heads as they head to the grocery retailer.
A latest Axios Vibes survey discovered that 59% of respondents felt “angry, anxious or resigned” whereas searching for groceries, with anger being the most typical emotion. Seventy-two % of respondents additionally mentioned that groceries are the place they really feel probably the most results of inflation.
Although inflation has largely fallen from file highs in 2022, costs are nonetheless considerably larger than they have been earlier than 2020.
Primarily based on knowledge from the Bureau of Labor Statistics, Individuals should spend roughly $125.51 on groceries that may have beforehand price $100 in December 2019.
Folks store in a grocery store within the Manhattan borough of NY city on January 27, 2024. (CHARLY TRIBALLEAU/AFP by way of Getty Pictures)
The Federal Reserve on Wednesday held rates of interest regular for the fourth straight time, leaivng rates of interest unchanged at a spread of 5.25% to five.5%, the very best degree in 22 years.
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“In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” a press release from the Federal Open Market Committee mentioned. “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
U.S. President Joe Biden speaks about provide chain resilience throughout an occasion within the Indian Treaty Room on the Eisenhower Govt Workplace Constructing on November 27, 2023 in Washington, DC. (Alex Wong/Getty Pictures)
Fox Enterprise calculations discovered that because the begin of 2021, meals costs have gone up 33.7%, shelter prices went up 18.7% and vitality costs elevated by 32.8%. Moody’s Analytics additionally reported that Individuals spent $211 extra a month in comparison with the identical time final yr.
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General, Individuals are actually paying on common $1,020 extra every month in contrast with the identical time two years in the past.
Biden has frequently touted “Bidenomics” and touted December numbers as an indication of financial enchancment.
Fox Information’ Lindsay Kornick and Megan Henney contributed to this report.
