What is Pushing Prices Higher?

As food prices continue to spike, President Biden is hopeful his antitrust push may help consumers. However, others argue too much spending and inflationary federal policies may mean no relief in the short term. President Biden recently said his antitrust efforts will boost competition in agriculture, helping more farmers while reducing food inflation, which is now up 3.5% from last year. But political opponents like House GOP Whip Steve Scalise are skeptical market concentration is solely to blame. Scalise said overspending is truly to blame.

“If you look at inflation today, every family in America’s facing inflation. They’re paying over 40% more for gasoline, for cars, for things that they buy at the grocery store. Families know that if you add trillions more debt, trillions more spending, trillions more in taxes, inflation will only go up.”

USDA expects food price spikes this summer in everything from beef and seafood to pork, poultry and dairy prices, with poultry up 6% over last year.

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