Consumers are wising up to 'greedflation' as food companies keep prices high
Shoppers think"greedflation" is to blame, according to a new survey.
Grocery prices in the US rose 8.5% in March over 2022, according to federal data. Prices for most other products and services, such as new cars, clothing, and gasoline, either rose more slowly or fell over the same time period. While costs of raw materials, labor, and shipping have continued to be high, many food companies have reported leaps in profit at the same time.
"It's fair for consumers to ask: 'If you're making record profits, and visibly increasing prices above average inflation, then surely it's consumers who are the losers, and you're taking advantage of us?'" King said.Conagra, the company that makes Slim Jim beef sticks and Swiss Miss hot chocolate mix, reported earnings per share that were 54% higher than a year ago in results earlier this month.
Swiss food and consumer goods giant Nestlé raised prices 8.2% in 2022, the company said in earnings on Tuesday. The company continued to raise prices during the first quarter of 2023, and more increases will be necessary this year, CEO Mark Schneider confirmed on an earnings call.
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