Biden Urges Grocery Chains to Cut Prices as Profits Soar

Biden administration says grocery stores should cut prices as costs ease and profit margins remain high
White House analysis shows food retailers' revenues as a share of costs at highest level since mid-2000s
Biden has called out corporations for "price gouging" and "greedflation" amid high inflation
Lower grocery prices could boost consumer confidence and public perception of the economy ahead of midterm elections
Kroger spokesperson agrees "too many grocers have increased margins", while merger with Albertsons promises at least $500 million in price cuts