Press Releases
Grocery Giant Kroger Rakes in Billions While Food Prices Soar
WASHINGTON, DC — Today, Kroger reported $736 million in Q4 2023 profits with annual profits of over $2.1 billion—sky-high totals that comes after last month’s Consumer Price Index report revealed that cooling inflation was stilted by stubbornly high food prices. In February, the Federal Trade Commission’s (FTC) filed a new lawsuit seeking to block the proposed merger between grocery giants Kroger and Albertsons, a move Accountable.US praised as a major step towards cracking down on big food industry price-gouging.
It’s been years of corporate price gouging and Americans are sick and tired of bolstering corporate profits at their own expense. If a grocery giant like Kroger is allowed to merge with Albertsons, American families would have less access to food while paying even higher prices. Even now, with the merger stalled, the oligopoly of U.S. grocery stores has taken advantage of its customers, keeping prices high while raking in huge profits.”
Accountable.US Liz Zelnick
As of 2022, 60% of grocery sales are concentrated among five food corporations, opening the door for anti-competitive industry practices and continuing greedflation. The merger has drawn bipartisan ire, with lawmakers and advocates warning that the deal could “result in the loss of $334 million in wages,” lead to further consolidation of the food retail market and lead to “fewer grocery stores and higher prices.”
MORE FROM ACCOUNTABLE.US ON FOOD INDUSTRY PRICE GOUGING:
- FTC Lawsuit Against Kroger-Albertson Merger Welcome Relief for Families Fed Up With Food Industry Profiteering
- Why the Biden Crackdown on Big Food Profiteering & Landlord Junk Fees Is Badly Needed
- Walmart Rakes in Billions While Food Profiteering Remains High
- Food Industry Price-Gouging Prevents Inflation From Cooling Faster
