Posted on 02/15/2024 9:03:36 AM PST by Eccl 10:2
Lael Brainard: 'People are fed up with high prices,' especially for 'things that they buy on a weekly basis, groceries in particular'
A top Biden economic adviser on Thursday pressed on with the administration's recent effort to go after grocery stores and food companies over elevated prices, as inflation remains a major worry for voters as November's presidential election nears.
"Grocery prices, they are important to people because they pay those prices every week," said Lael Brainard, director of President Joe Biden's National Economic Council, during a news conference at a National Association for Business Economics event in Washington, D.C.
"We've seen in consumer brands, that in a lot of cases, they are effectively raising unit prices, but masking it by shrinking packaging, and it's important to call that out and to use the tools we have to go after that. And, you know, I think for the grocery stores and chains that raised their margins during the height of the pandemic, it's time to bring those down."
(Excerpt) Read more at morningstar.com ...
This gal needs to get on the same page as the CA senatorial candidate that wants the min wage to go to 50/hr.
Then he can claim a 50% drop in grocery store profits to lower prices.
It’s part of their chromosomes..................
If there have been high profits with regard to food you buy in the supermarkets, it is most likely at the middleman level (distributors to the supermarkets) and not the supermarkets themselves, which have net profits of from $0.01 to $0.03 (1-3%) on each dollard of revenue. Yes, some items sold earn above that, but when it comes to how well a store is doing it is the net figures accross everything they sell.
Don’t be too tough on them. I can guarantee no one in the administration has any idea what you’re talking about. They are that stupid. Gotta get Big Grocery!
“Kroger, the largest chain that isn’t Walmart or Costco has a profit margin of 22%. “
Kroger’s net profit (Nov 2023) was 1.9%, not 22%.
Communists don’t care about profit margins, no matter how small. They will just take over the supermarkets and stock with with bugs.
Exactly. The stupidity of democrats on issues of business practices is
breathtaking.
As a show of shared sacrifice will the Big Guy only take 5% now?
Same here in Indiana.
Virtue Grandstanding backfire.
As I commented above - the industry average net profits for supermarkets is between 1-3%, which translates to $.01 - $.03 per dollar of revenue.
That has been a very long standing feature of the supermarket industry and kinda amazing when you recognize how many of them have survived and do well on such low margins.
Well played. Thanks!
Don't know where you are getting your information from but it is wrong. 2.2% maybe in a good year.
Exactly. Its normally a volume business. Very thin margins. That’s why they all have been trying to go to prepared foods rather than just trying to sell third party products.
Truth
But I've easily read the part about Kip Chalmers over a hundred times. It's become like a comedy. All those leftists perishing because of a failure to accept reality.
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