Food executives told The Wall Street Journal that high inflation has driven up labor and raw materials costs and spurred price increases. They also said that healthy profit margins are needed to finance the development of new products.
“We understand why there is this sticker shock and why it’s upsetting,” Andy Harig, a vice president at FMI, a food retailer and supplier trade group, said. “But to automatically just say there’s got to be something nefarious, I think to us that is oversimplified.”
During the Biden-Harris administration, inflation has raised overall costs by about 19%, with food prices going up 21% under Democrat control of the executive branch.
If she were to be elected president, Harris said she would ban price gouging by grocery stores and food suppliers by authorizing the Federal Trade Commission and state attorneys general to penalize companies that violate the policy.
www.newsmax.com/newsfront/kamala-harris-economics-food-industry/2024/08/20/id/1177218/