The Federal Trade Commission has launched an investigation into the increase in grocery prices since the COVID-19 pandemic.
FTC Chairwoman Lina Khan said the initiative aims to ensure Americans receive “competitive, affordable prices they deserve.”
Khan urged the commission to shed light on why prices and profits remain high even as costs appear to have decreased. She said that “many items are still too costly, and many large grocery chains are still raking in enormous profits. The FTC is determined to understand why.”
The investigated was disclosed at a public hearing Aug. 1 by the Biden administration's multi-agency Strike Force on Unfair and Illegal Pricing.
The inquiry will ask major grocery retailers to provide detailed information about their sales, costs and profits. The study requires a vote by commission members.
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Deputy Secretary of Agriculture Xochitl Torres Small told the task force virtual hearing of USDA’s investigation into concentration and modernization under the Packers and Stockyards Act. She also described efforts in building “competition partnership with state attorneys general.”
The investigation is the latest agency action on pricing. “The FTC has been focused on ensuring that no American faces inflated prices due to illegal business practices,” Kahn said.
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