On Wednesday, the U.S. Department of Agriculture (USDA) partnered with bipartisan attorneys general in 31 states and the District of Columbia in an effort to protect consumers in the food and agricultural markets, including in grocery, meat and poultry processing. The department explained in an official announcement that the recent deal "will assist state attorneys general in tackling anti-competitive market structures in agriculture and related industries that are raising prices and limiting choices for consumers and producers."
Food prices reached an all-time high last summer, with a 13.5% annual increase in August 2022. Although inflation fell to 3% in June, offering consumers some relief from recent price hikes, food prices at the grocery stores are still quite hefty at a 4.7% increase.
"The Biden-Harris Administration is committed to addressing corporate consolidation and its negative effects on the U.S. economy, such as unfair competition and increased prices," said Agriculture Secretary Tom Vilsack. "By placing necessary resources where they are needed most and helping states identify and address anticompetitive and anti-consumer behavior, in partnership with federal authorities, through these cooperative agreements we can ensure a more robust and competitive agricultural sector. I'm pleased to see that a bipartisan group of states have committed to joining USDA in better protecting the fair and competitive markets that are a critical cornerstone of the American economy."
