With inflation still frustrating many voters, Vice President Harris proposed a ban on 'price gouging' by food suppliers and grocery stores.
FILE - A customer shops in a grocery store on July 15, 2022, in Houston, Texas. With inflation and high grocery prices still frustrating many voters, Vice President Kamala Harris on Friday proposed a ban on " price gouging " by food suppliers and grocery stores, as part of a broader agenda aimed at lowering the cost of housing, medicine, and food.
Will her proposals do much to lower prices? And what even is "price gouging"? The answers to those and other questions are below:There is no strict definition that economists would agree on, but it generally refers to spikes in prices that typically follow a disruption in supply, such as after a hurricane or other natural disaster. Consumer advocates charge that gouging occurs when retailers sharply increase prices, particularly for necessities, under such circumstances.
President Joe Biden said Wednesday that inflation has been defeated after Wednesday's inflation report showed that it fell to 2.9% in July, the smallest increase in three years. "It could be that they're looking at opinion polls that show that the number one concern facing voters is inflation and that a large number of voters blame corporations for inflation," Strain said.
At the same time, several rounds of stimulus checks fattened Americans' bank accounts, and after hunkering down during the early phase of the pandemic, so-called "revenge spending" took over. The combination of stronger demand and reduced supply was a recipe for rising prices.
Inflation Harris Grocery Prices Economists Supply Chains Proposal Pandemic
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