New research published by the San Francisco Federal Reserve Bank shows that corporate price gouging is not a primary driver of high inflation in the U.S.
President Biden and other Democratic lawmakers have frequently blamed corporate price gouging for chronic inflation that has Americans paying more for everyday necessities. But new research published by the Federal Reserve Bank of San Francisco suggests that corporate greed is not a primary driver of the inflation spike that began in early 2021.
The findings run counter to a recent push by Biden to blame "shrinkflation" – when companies reduce the package size and portions of their foods while also raising the price or holding it steady – and corporate greed for still-elevated prices. At the end of February, the White House launched a new task force that is intended to take on "unfair and illegal" corporate pricing, which Biden has blamed for the frustratingly high price of groceries.
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