During Antitrust Trial Exec Admits Jacking Up Egg And Milk Prices Above Inflation

[skews13]

A top Kroger executive admitted under questioning from a Federal Trade Commission attorney on Tuesday that the grocery chain raised its egg and milk prices above the rate of inflation, a concession that came as no surprise to economists who have been highlighting corporate price gouging across the U.S. economy in recent years.

Groff's comment came in response to questioning about an internal email he sent to other Kroger executives in March. In that note, Groff observed that "on milk and eggs, retail inflation has been significantly higher than cost inflation."

A Kroger spokesperson told Bloomberg in a statement that the email was "cherry-picked" and "does not reflect Kroger's decadeslong business model to lower prices for customers by reducing its margins."

But Rakeen Mabud, chief economist at the Groundwork Collaborative, noted Wednesday that "execs all over the economy were saying this stuff on their earning calls back in 2021."

During antitrust trial, exec admits Kroger jacked up milk and egg prices above inflation

A top Kroger executive admitted under questioning from a Federal Trade Commission attorney on Tuesday that the grocery chain raised its egg and milk prices above the rate of inflation, a concession that came as no surprise to economists who have been highlighting corporate price gouging across...

www.rawstory.com

The pandemic played no part in supply chain issues on milk,or egg prices. These aren't imported products, and those farms were producig the same amout of milk and eggs, and the trucks delivering them were running with plenty of cheap fuel. The prices before and since are 100% corporate price gouging, the companies themselves gleefully admitted to.

 

[jbrownson0831]

A top Kroger executive admitted under questioning from a Federal Trade Commission attorney on Tuesday that the grocery chain raised its egg and milk prices above the rate of inflation, a concession that came as no surprise to economists who have been highlighting corporate price gouging across the U.S. economy in recent years.

Groff's comment came in response to questioning about an internal email he sent to other Kroger executives in March. In that note, Groff observed that "on milk and eggs, retail inflation has been significantly higher than cost inflation."

A Kroger spokesperson told Bloomberg in a statement that the email was "cherry-picked" and "does not reflect Kroger's decadeslong business model to lower prices for customers by reducing its margins."

But Rakeen Mabud, chief economist at the Groundwork Collaborative, noted Wednesday that "execs all over the economy were saying this stuff on their earning calls back in 2021."

During antitrust trial, exec admits Kroger jacked up milk and egg prices above inflation

A top Kroger executive admitted under questioning from a Federal Trade Commission attorney on Tuesday that the grocery chain raised its egg and milk prices above the rate of inflation, a concession that came as no surprise to economists who have been highlighting corporate price gouging across...

www.rawstory.com

The pandemic played no part in supply chain issues on milk,or egg prices. These aren't imported products, and those farms were producig the same amout of milk and eggs, and the trucks delivering them were running with plenty of cheap fuel. The prices before and since are 100% corporate price gouging, the companies themselves gleefully admitted to.

...and then Batman, Superman, and Wonder Woman all went off into the sunset at the end of yet another comic book adventure.
Moved yet skrewey?

 

[Rambunctious]

Prices are not a day to day thing... egg prices are like gasoline the cost is speculative...

Cost Per Egg Calculator - Calculator Academy

Enter the total number of eggs laid and the cost of the chicken plus feed into the calculator to determine the cost per egg.

calculator.academy

Milk prices are calculated using a variety of factors, including the milk's composition, the end product it will be used for, and local supply and demand:

• Composition
  Milk is made up of three main components: fat solids, solids-not-fat (SNF), and water. Milk pricing can be based on the values of these components and their proportions in the milk. For example, in California, Class 1 milk prices are determined by assigning prices to each component, while Class 2, 3, 4a, and 4b prices are based only on fat and SNF.
  
  
  
• End product
  Processors pay different prices for milk depending on what they're using it for.
  
  
  
• Supply and demand
  Local supply and demand conditions can cause additional premiums to be paid above the minimum prices set by the USDA.
  
  

Other factors that can affect milk prices include:

• Federal Milk Marketing Orders (FMMOs): These orders establish minimum prices for milk handlers, but processors can also seek out dairies that offer more for certain types of milk.
  
  
  
• Surveys: The USDA conducts surveys of wholesale commodity handlers to determine the prices of cheese, butter, whey, and non-fat dry milk.
  
  
  
• Regional quota adjusters: These adjusters can modify pool prices in California

 

[TNHarley]

Did they mention anything about the other 974k food items? Or car parts? Or outdoor improvement costs? Gas? Literally everything else?

 

[dblack]

A top Kroger executive admitted under questioning from a Federal Trade Commission attorney on Tuesday that the grocery chain raised its egg and milk prices above the rate of inflation, a concession that came as no surprise to economists who have been highlighting corporate price gouging across the U.S. economy in recent years.

So what? How does raising prices above the rate of inflation qualify as "gouging'??

 

[Rambunctious]

So if you freeze food and fuel prices you are inviting over charging and false highs... this is what Nixon learned...

 

[justoffal]

So if you freeze food and fuel prices you are inviting over charging and false highs... this is what Nixon learned...

Hell.....farmers drown their chickens, plowed their crops under and let warehouses full of crops just go to rot. I remember that very well.

 

[justoffal]

So what? How does raising prices above the rate of inflation qualify as "gouging'??

It doesn't of course. Having said that it's still good to know how they strategize.

 

[Rambunctious]

Hell.....farmers drown their chickens, plowed their crops under and let warehouses full of crops just go to rot. I remember that very well.

Sure... companies had no choice but to hold back and that caused shortages and hording and 5 mile lines at the gas pumps....
Communism just does not work... especially under our constitution and bill of rights...

 

[dblack]

It doesn't of course. Having said that it's still good to know how they strategize.

I suppose. But that's really none of our business.

 

[justoffal]

I suppose. But that's really none of our business.

It was about 2 years ago.. there was a massive fire in the largest egg producing co-op in the country.

Then there was a sweep of bird flu that destroyed about a quarter of million laying hens.

In the meantime the farmers still had to feed the destroyed birds before they were destroyed and got nothing in return for their investment. So that lost capital had to be absorbed by thd product that was still going out which translated into a price increase.

Not so that they could gouge but so that they could simply break even and continue to operate.

 

[IM2]

A top Kroger executive admitted under questioning from a Federal Trade Commission attorney on Tuesday that the grocery chain raised its egg and milk prices above the rate of inflation, a concession that came as no surprise to economists who have been highlighting corporate price gouging across the U.S. economy in recent years.

Groff's comment came in response to questioning about an internal email he sent to other Kroger executives in March. In that note, Groff observed that "on milk and eggs, retail inflation has been significantly higher than cost inflation."

A Kroger spokesperson told Bloomberg in a statement that the email was "cherry-picked" and "does not reflect Kroger's decadeslong business model to lower prices for customers by reducing its margins."

But Rakeen Mabud, chief economist at the Groundwork Collaborative, noted Wednesday that "execs all over the economy were saying this stuff on their earning calls back in 2021."

During antitrust trial, exec admits Kroger jacked up milk and egg prices above inflation

A top Kroger executive admitted under questioning from a Federal Trade Commission attorney on Tuesday that the grocery chain raised its egg and milk prices above the rate of inflation, a concession that came as no surprise to economists who have been highlighting corporate price gouging across...

www.rawstory.com

The pandemic played no part in supply chain issues on milk,or egg prices. These aren't imported products, and those farms were producig the same amout of milk and eggs, and the trucks delivering them were running with plenty of cheap fuel. The prices before and since are 100% corporate price gouging, the companies themselves gleefully admitted to.

And despite this evidence, the trump supporters still talk crazy.

 

[TheGreatSatan]

The prices of everything have been affected by the WEF/Democrats cutting the power and gas.

Democrats act like corporations just learned how to price gouge 3 1/2 years ago.

If democrats can't fix prices now, why would anyone believe they will in the future?

 

[JustAnotherNut]

You want to talk about price gouging???

As of this past January 1, 2024 in the state of WA all eggs had to be 'cage free'. There wasn't a change in amount of supply of eggs available, or any other significant difference than previously but the cost of eggs nearly doubled across the board.

 

[tyroneweaver]

A top Kroger executive admitted under questioning from a Federal Trade Commission attorney on Tuesday that the grocery chain raised its egg and milk prices above the rate of inflation, a concession that came as no surprise to economists who have been highlighting corporate price gouging across the U.S. economy in recent years.

Groff's comment came in response to questioning about an internal email he sent to other Kroger executives in March. In that note, Groff observed that "on milk and eggs, retail inflation has been significantly higher than cost inflation."

A Kroger spokesperson told Bloomberg in a statement that the email was "cherry-picked" and "does not reflect Kroger's decadeslong business model to lower prices for customers by reducing its margins."

But Rakeen Mabud, chief economist at the Groundwork Collaborative, noted Wednesday that "execs all over the economy were saying this stuff on their earning calls back in 2021."

During antitrust trial, exec admits Kroger jacked up milk and egg prices above inflation

A top Kroger executive admitted under questioning from a Federal Trade Commission attorney on Tuesday that the grocery chain raised its egg and milk prices above the rate of inflation, a concession that came as no surprise to economists who have been highlighting corporate price gouging across...

www.rawstory.com

The pandemic played no part in supply chain issues on milk,or egg prices. These aren't imported products, and those farms were producig the same amout of milk and eggs, and the trucks delivering them were running with plenty of cheap fuel. The prices before and since are 100% corporate price gouging, the companies themselves gleefully admitted to.

federal school lunch subsidy has more to do with it.