Vice President Kamala Harris is focusing on the issue of high food prices as she gears up for an economic policy speech in North Carolina. She has pledged to advocate for a federal ban on price gouging on groceries to address the concerns of voters.
Harris is particularly concerned about the rising meat prices, which she believes contribute significantly to higher bills at the checkout counter.
While overall inflation has reached its lowest level in over three years, food prices have increased by 21% compared to three years ago. Former President Donald Trump has criticized the Biden administration for this inflation trend, attributing it to their energy policies.
In alignment with President Joe Biden, Harris recently celebrated their joint efforts to reduce prescription drug prices. They announced that negotiations will lower the prices of 10 expensive drugs under Medicare. This initiative was part of the 2022 Inflation Reduction Act, which Harris supported through a Senate vote.
During an event in Maryland, President Biden praised Harris for her role in passing the legislation, and expressed confidence in her potential as a future president.
On the topic of rising food prices, President Biden implemented measures to increase competition within the meat industry through a “competition council.” He asserted that his administration is actively working to combat inflation.
Despite concerns about potential distancing from Biden’s economic record, both Biden and Harris have expressed solidarity on the issue. A recent poll showed that while Americans slightly favor Trump over Harris in handling the economy, the margin is narrow.
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Trump, on the other hand, criticized Harris for her proposal of “communist price controls,” warning of potential shortages and increased inflation. He emphasized the rising cost of food by showcasing popular grocery items during his speech.
Consumer confidence surveys reflect ongoing frustration regarding high prices among shoppers, particularly lower-income individuals. Despite a slight decrease in overall inflation, prices are still significantly higher than pre-pandemic levels.
While some economists attribute the price hikes to supply disruptions during the pandemic, the Biden administration has raised concerns about corporate consolidation in the meat industry contributing to inflated prices. Large companies have been accused of price-fixing in recent years.
Harris’ proposals on price gouging coincide with a decline in what some researchers term as “sellers’ inflation.” Grocery prices have increased modestly in the past year, returning to pre-pandemic levels.
Industry representatives argue that rising costs of production and supply chain challenges, rather than price gouging, are responsible for the elevated prices. They assert that a federal ban on price gouging would not effectively combat inflation across various sectors.
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