Inflation and high grocery prices are still frustrating many voters. Under the Biden-Harris administration, grocery prices have shot up 21%.
“We all know that prices went up during the pandemic when the supply chains shut down and failed,” Harris said Friday in Raleigh, North Carolina. “But our supply chains have now improved and prices are still too high.”
Vice President Kamala Harris on Friday proposed a ban on “price gouging” by food suppliers and grocery stores by implementing federal price controls. This is part of a broader agenda aimed at lowering the cost of housing, medicine, and food.
During the last spike of inflation in the 1970s, both Democratic and Republican presidential administrations at times imposed price controls, which specifically limited what companies could charge for goods and services.
Those price control measures were widely blamed for creating shortages and long lines for gas. Some economists say Harris’ proposal would have a similar impact.
Context: Grocery stores typically operate on very slim margins, usually 2-3%.
Do you think implementing federal price controls on grocery items is a good plan to tackle food inflation?