We sometimes hear inflation is driving the high cost of food. But, looking at the data, we see a different story. Over four years, from 2019 to 2022, inflation increased 15.7%, or roughly 4% a year. However, grocery prices during that same time have increased 30%, or almost double the inflation rate.
Coca-Cola and PepsiCo have raised their prices 59% over the past four years. General Mills hiked its prices five times in 2021 and 2022, and earnings increased 51%. Tyson Foods nearly doubled its profits in the first quarter of 2022 due to price increases. Cal-Maine, the largest egg producer in the U.S., increased profits by 718%. Kraft Heinz increased profits 448% in 2022. At the end of 2023, Americans were paying at least 30% more for beef, pork and poultry products than they did in 2020.
These large corporations, many with near monopoly control in their sector, are raising prices simply because they can and to increase their profits. They are price gouging consumers. We need to insist that Congress address the corporate greed that is making it difficult for us to feed our families. Raise your voice, tell your lawmakers to support the Price Gouging Prevention Act of 2024, S. 3803.
Julia Bojalad
North Huntingdon