This the one they need to target.
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CINCINNATI (WKRC) - A Kroger executive admitted to gouging prices on select items above inflation levels during an antitrust trial.
According to Newsweek,Andy Groff, Kroger's senior director for pricing, said the company had raised the cost of milk and eggs beyond the levels of inflation while testifying to a Federal Trade Commission attorney on Tuesday.
"This is not at all surprising," founder of Illinois-based Powers Financial Group Drew Powers told Newsweek. "Companies across multiple industries have been posting record profits since the COVID-19 crisis while consumers have faced the highest inflation in recent history. The math can only point to companies raising prices above the general level of inflation. As the old saying goes,
'Never let a good crisis go to waste.'"
It came after a court hearing for Kroger's FTC lawsuit, following the company's announcement that it would be acquiring Albertsons, a top competitor. An internal email from Groff shows that the price of milk and eggs routinely exceeded what inflation would require for the chain to turn a profit, according to Newsweek, which reported that the executive said Kroger intends to "pass through our inflation to consumers."
"On milk and eggs, retail inflation has been significantly higher than cost inflation," Groff wrote in the internal email to other Kroger executives.