Billy Corben Instagram – “WHERE GOUGING IS A PLEASURE!”
Floridians getting ripped off on groceries while Publix PROFITS are up 49% (!!!) to $4.3 billion in 2023, compared to $2.9 billion in 2022.
Florida — and particularly Miami — is the inflation capital of the U.S. with the nation’s most unaffordable housing market, highest insurance prices, and grocery prices (up over 30% since 2019). But it’s not just “inflation,” it’s corporate greed.
Just six grocery chains control half the market and, “in Florida, Publix dominates with over 800 locations in the Sunshine State, according to Miami New Times.
Dow Jones-owned Barron’s says Publix outdoes its competitors on net margins by a long shot: “Publix’s net margin is 7 percent, against just over 2 percent for Kroger. Publix earned more on its $57 billion in sales last year than Kroger did with $150 billion in revenues,” they wrote last month.
“The Federal Trade Commission (FTC), the agency responsible for antitrust law enforcement and consumer protection, released a March report titled ‘Feeding America in a Time of Crisis,’ which found that large grocery chains’ price hikes kept their profits ballooning despite pandemic-era supply-chain gridlock, product shortages, and worker wage increases.”
“University of Massachusetts professor Isabella Weber posited that large grocery store chains contributed to inflation — which reached a 40-year high of 9 percent in 2022 — by exploiting supply chain bottlenecks and coordinating price hikes with one another to increase profits. Weber referred to the phenomenon as ‘seller’s inflation’ — a mainstream concept at this point.” | Posted on 28/Apr/2024 21:27:42
