Connecticut Supermarkets Under Investigation for Possible Price Gouging

Grocery store prices have never been higher at supermarkets across the state, which caught the attention of Connecticut Attorney General William Tong. According to supermarketnews.com, Tong announced the state was conducting an inquiry into food and grocery prices after learning that profits are at a 70-year high. The million-dollar question: Is the rise in food prices due to inflation, price gouging, OR both?   

Here's a fact from in2013dollars.com that's going to freak you out: Food priced at $20 in 1913 now costs $660.48 in 2024! Prices for food are 3,202.41% higher in 2024 compared to 1913. According to the U.S. Bureau of Labor Statistics, prices for food are 26.86% higher in 2024 versus 2019 (a $5.37 difference in value).

A Federal Trade Commission (FTC) report accusing big grocery chains of price gouging opened the eyes of Connecticut State Senate Majority Leader Bob Duff. The FTC's new report states that the boosted markups are due to "downstream retail power flexing its muscles over the supply chains to boost margins," which simply means that grocery stores and/or their suppliers are boosting prices to increase profits, which negatively affects consumers' pocketbooks.

According to the Hartford Courant, Connecticut's Senate majority leader Bob Duff told reporters, "Publicly available data suggests that the increase in grocery prices is due to stores’ increasing revenue — not inflation. … Corporate profits are at a 70-year high.” 

Given all the information regarding the rise in food prices over the years, are there grocery store items that you feel are currently out of your price range? Do you think your grocery store of choice is price gouging in order to pump up its profits? Please feel free to leave a comment.