A report found that large firms pressured suppliers to favor them over competitors. It also concluded that some retailers “seem to have used rising costs as an opportunity to further hike prices.”
Large grocery retailers took advantage of supply chain disruptions to beat out smaller rivals and protect their profits during the pandemic, according to a report released by the Federal Trade Commission on Thursday.
“President Biden knows grocery prices are still too high for hardworking families,” Jon Donenberg, a deputy director at the National Economic Council, said in a statement after the report’s release.
“The F.T.C.’s report examining U.S. grocery supply chains finds that dominant firms used this moment to come out ahead at the expense of their competitors and the communities they serve,” Lina Khan, the F.T.C.
The regulator ordered the companies in late 2021 to turn over “detailed information” that would help shed light on the causes behind supply chain snarls and how business practices could have worsened disruptions.
“We will continue to operate with the highest ethical standards in collaboration with our partners to maintain the integrity and resilience of our nation’s supply chain,” Alicia Downard, a spokeswoman for McLane, said in a statement.
Companies across the industry have said they are planning smaller price increases this year, in part because some consumers have started to push back and cut their spending, which has led to some firms experiencing drops in sales.
The original article contains 1,045 words, the summary contains 204 words. Saved 80%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Large grocery retailers took advantage of supply chain disruptions to beat out smaller rivals and protect their profits during the pandemic, according to a report released by the Federal Trade Commission on Thursday.
“President Biden knows grocery prices are still too high for hardworking families,” Jon Donenberg, a deputy director at the National Economic Council, said in a statement after the report’s release.
“The F.T.C.’s report examining U.S. grocery supply chains finds that dominant firms used this moment to come out ahead at the expense of their competitors and the communities they serve,” Lina Khan, the F.T.C.
The regulator ordered the companies in late 2021 to turn over “detailed information” that would help shed light on the causes behind supply chain snarls and how business practices could have worsened disruptions.
“We will continue to operate with the highest ethical standards in collaboration with our partners to maintain the integrity and resilience of our nation’s supply chain,” Alicia Downard, a spokeswoman for McLane, said in a statement.
Companies across the industry have said they are planning smaller price increases this year, in part because some consumers have started to push back and cut their spending, which has led to some firms experiencing drops in sales.
The original article contains 1,045 words, the summary contains 204 words. Saved 80%. I’m a bot and I’m open source!