Democratic presidential nominee Kamala Harris is planning to enact the first-ever federal law against corporate price gouging in the food and grocery industries, much to the frustration of some major corporations and food executives.
In a speech made last Friday, Harris promised to crack down on “excessive prices unrelated to the costs of doing business” by food suppliers and grocery stores, including those involved in big mergers and acquisitions. Harris noted that amid the rising cost of groceries — which have gone up by 25% between 2019 and 2023, faster than other consumer goods and services, according to the U.S. Department of Agriculture (USDA) — several food companies are raking in more profits. Foods like bread are now about 50% more expensive than before the COVID-19 pandemic, Harris said.
