Vice President Kamala Harris is focusing on the issue of high food prices as she prepares for an economic policy speech in North Carolina, where she will advocate for a federal ban on price gouging on groceries to address a top concern among voters.
Harris is specifically highlighting the increase in meat prices, which she attributes to a significant portion of rising grocery bills at checkout.
Although year-over-year inflation is at its lowest level in over three years, food prices have risen by 21% compared to three years ago. Former President Donald Trump has criticized the Biden administration and its energy policies for failing to address inflation.
At the same time, Harris is aligning herself with President Joe Biden’s legislative and economic achievements. They recently collaborated on efforts to reduce prescription drug prices, with Harris playing a key role in passing the Inflation Reduction Act through a tiebreaking Senate vote.
During a joint appearance, President Biden praised Harris, affirming her potential to be a successful president.
President Biden has also taken steps to tackle rising food prices, such as establishing a competition council to promote competitiveness in the meat industry as part of a broader strategy to combat inflation.
When asked about potential differences between their economic records, President Biden expressed confidence in Harris’s alignment with his administration’s policies.
While Americans slightly favor Trump over Harris on economic matters, a recent poll shows a close margin with 45% trusting Trump and 38% trusting Harris to handle the economy better.
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Trump criticized Harris’s proposal for price controls, warning against potential shortages and inflation. He presented popular grocery items to illustrate the impact of rising food costs.
Despite a decrease in overall inflation, high prices continue to frustrate consumers, especially those with lower incomes. While prices have slightly moderated, they remain significantly elevated compared to before the pandemic.
Amid allegations of price gouging and fixing, the meat industry contends that supply disruptions and market forces are responsible for increased prices. Industry leaders argue that operational challenges and market dynamics have driven costs up.
While Harris advocates for measures to address price gouging, recent data suggests a reduction in what economists call “seller’s inflation,” with consumers showing more discernment in their purchasing decisions.
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