Grocery Chains Use Inflation as 'Cover' to Raise Prices and Profits, FTC Report Finds

• FTC report shows large grocery chains used inflation and supply issues during pandemic to significantly raise prices and profits • Food prices rose 11% from 2021-2022, the largest annual increase in over 40 years • Grocery chains like Walmart and Kroger made billions in profits during pandemic and continue to do so • FTC found grocery retailers' revenues were 6-7% over total costs in 2021 and early 2023 • Study suggests much of grocery price increases since 2019 are due to "shrinkflation" - getting less product for same price