President Joe Biden took aim at grocery stores, accusing them of “ripping people off” with high prices as inflation continues.
President Biden’s remarks were made during a speech at South Carolina’s first banquet in Columbia, South Carolina.
“Inflation is coming down. The United States now has the lowest inflation rate of any major economy in the world,” Biden said. “The prices of eggs, milk, chicken, gasoline and many other essentials have fallen.”
“But despite all we have done to lower prices, there are still too many companies in the United States that rip people off, whether through price gouging, junk fees, greed flation, or shrinkflation.” The President continued.
Fed leaves interest rates unchanged, indicating it is not ready to start cutting rates
U.S. President Joe Biden speaks during a Sunday lunch at Brookland Baptist Banquet Center in West Columbia, South Carolina, on January 28, 2024. (Kent Nishimura/AFP via Getty Images)
The president said Americans are “tired” of being “sacked.” by grocery store All over the country.
“Well, it’s over now. The American people, we’re tired of being played for,” Biden said to thunderous applause. “That’s why we’re going to continue to maintain these products. We’re going to continue to lower prices.”
A woman shops in the dairy section of a supermarket in Manhattan, New York, on January 27, 2024. (Charlie Tribarrow/AFP via Getty Images)
The president’s comments come as fears of inflation still hang over the heads of many Americans as they head to the grocery store.
A recent study by Axios Vibes found that 59% of respondents felt “angry, anxious, or resigned” while grocery shopping, with anger being the most common emotion. Additionally, 72% of respondents said food items would be most affected by inflation.
Although inflation has fallen significantly from its record high in 2022, prices are still significantly higher than they were before 2020.
Based on data from the Bureau of Labor Statistics, Americans have to spend about $125.51 on groceries as of December 2019, compared to $100 previously.
People shop at a supermarket in Manhattan, New York City, on January 27, 2024. (Charlie Tribarrow/AFP via Getty Images)
of federal reserve On Wednesday, the government kept interest rates unchanged for the fourth time in a row, keeping them at a range of 5.25% to 5.5%, the highest level in 22 years.
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“In considering adjustments to the target range for the federal funds rate, the Committee carefully evaluates upcoming data, evolving prospects, and the balance of risks,” the Federal Open Market Committee said in a statement. “The Committee does not believe it is appropriate to lower the target range until there is greater confidence that inflation is on a sustained path toward 2 percent.”
U.S. President Joe Biden speaks about supply chain resiliency during an event in the Indian Treaty Room at the Eisenhower Executive Office Building in Washington, DC, on November 27, 2023. (Alex Wong/Getty Images)
Food prices have increased by 33.7%, shelter costs by 18.7% and energy prices by 32.8% so far in 2021, according to Fox Business calculations. Moody’s Analytics also reported that Americans spent $211 more per month compared to the same time last year.
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Overall, Americans are now paying an average of $1,020 more each month compared to the same period two years ago.
Mr. Biden “Bidenomics” is often promoted And it touted December’s numbers as a sign of economic improvement.
FOX News’ Lindsey Cornick and Megan Henney contributed to this report.
