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WASHINGTON D.C. — The latest Consumer Price Index report from the U.S. Labor Department shows while core inflation continued to cool in January, greater progress was held back by stubbornly high food prices burdening everyday families. As government watchdog Accountable.US has documented, price hikes on food have been a greed-motivated choice by the food industry that brags to wealthy investors of increased profits and revenue.

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Big food industry CEOs who price-gouge families despite making supersized profits do not care that they’re spoiling progress on high inflation. They don’t care that their unjustified prices leave many American families food insecure. The only thing the industry cares about is boosting profits to enrich a small group of wealthy investors.

Accountable.US’ Liz Zelnick

“It’s painfully clear the food industry has no intention of self-regulating their greed, which is why Congress must help the Biden administration lower costs by cracking down on this kind of gross profiteering.”

Recent examples of food companies that price-gouged consumers while raking in higher profits:

  • Walmart—the largest U.S. grocery chain controlling over 25% of the domestic market— hiked prices on its “Great Value” food brands while seeing its net income climb by over 93.2% to over $10.5 billion in the nine months ending October 31, 2023, as it rewarded its shareholders with over $5.9 billion through a combination of share buybacks and cash dividends. 
  • Kraft Heinz—maker of popular food brands Stove Top and Kraft Mac and Cheese—rewarded its shareholders with over $1.4 billion in dividends as the food maker raked in over $2 billion in profits in the first nine months of 2023, a staggering 41% increase from 2022.
  • PepsiCo– In The First Three Quarters Of 2023, Pepsico Reported Nearly $7.8 Billion In Profits Amid Price Hikes.

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