Warren Decries Soaring Food Costs, Profits

The CEOs of Kroger, Publix and Albertsons received a letter from U.S. Sen. Elizabeth Warren (D-Mass.), but it wasn’t to wish them happy holidays. Instead, she criticized them for inflated profits while food costs soar.

Warren asked the CEOs to justify rewarding executives and shareholders while raising food costs, according to a press release. Warren asked for steps the grocers are taking to protect consumers and whether they put profits over consumers in the midst of a public health and economic crisis.

“Large grocers are blaming high food costs on inflation, but it’s time to talk about how they’re using every opportunity to rake in profits, reward executives and big shareholders while driving up prices even more,” Warren said.

“These companies made record profits during the pandemic and when faced with the choice to retain lower prices for consumers and properly protect and compensate their workers, they greedily granted massive payouts to top executives and investors. They need to answer for these actions,” Warren said.

Grocery chains have reassured investors that only consumers – not company profits – would be hurt by rising costs, all while continuing to spend billions on stock buybacks and executive pay, Warren said.

In 2020, Kroger, Albertsons, and Publix reported increased profits and net income compared to pre-pandemic levels. Now they are pushing grocery cost increases onto consumers, blaming it on inflation and lining the pockets of executives and investors, Warren said.
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Kroger CEO Rodney McMullen told investors “a little bit of inflation is always good in our business.” Kroger and Albertsons have deprived frontline workers of hazard pay and failing to adopt necessary workplace safety precautions, Warren said.

Warren urged grocers to support essential workers that put themselves and their families at risk throughout the pandemic and ensure they have proper protections, rights and compensation. Warren has also pushed Congress to act on her Essential Workers Bill of Rights, which would bolster workplace protections for essential workers throughout the pandemic.

Warren asked the CEOs to respond by Jan. 7.

Warren also recently asked the Department of Justice to investigate the poultry industry’s anticompetitive behavior as turkey and chicken prices have soared.

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