Biden praised for lowering grocery prices at Target | Wilnesh News

President Joe Biden is celebrating victory and hoping voters will give him the seal of approval after Target announced it would cut prices on groceries and other items.

“President Biden is calling on grocery chains to generate record profits and lower prices for consumers — and they’re answering the call,” white house He posted on social media late Monday night in response to headlines about Target’s price cuts.

Earlier Monday, Target announced it would lower prices on about 5,000 items, including food items such as bread, fruits, vegetables, milk and meat. The company said cuts on 1,500 products have already taken effect, with thousands more products to be cut over the summer.

It’s timely news for Biden, who has spent the past few years mounting a corporate pressure campaign across government agencies.

With less than six months until the November election, Biden is now hoping voters will buy into the corporate battle, especially as he tries to sell tough economic arguments, saying his policies have helped consumers because they still Feeling that the cost of living is higher.

Early national polls show voters blame Biden for lingering budget constraints after the pandemic. The president, in turn, shifted the blame to large corporations, accusing them of keeping prices artificially high even as production costs fell.

“President Biden’s top economic priority is fighting inflation and lowering costs for the American people,” White House spokesman Andrew Bates wrote in a memo on Monday. “Resisting corporate price gouging is at the heart of this fight.”

The corporate hit has been particularly harsh for grocery chains.

Last week, in a letter Democratic lawmakers have claimed to Biden that grocery stores are manipulating prices and urged him to take executive action to lower food prices.

A March report Federal Trade Commission Claims grocers are taking advantage of supply chain disruptions to raise prices and keep them high.The Federal Trade Commission also filed suit against the merger of grocery giants Kroger and Albertsons, the agency claim It would restrict competition and cause consumers to pay higher prices.

The actions come as Biden frequently attacks businesses for “price gouging” and “deflation.”

In March, Biden established the Action Group on Unfair and Unlawful Pricing, co-led by the Federal Trade Commission and the Justice Department’s antitrust division, to address his complaints about corporate pricing.

Now, Biden is trying to tie his policies to Target’s price cuts to help voters connect to any economic relief they may soon feel.

Beyond Biden’s political opportunity, Target’s announcement ultimately helps confirm the economic signal that the tide on corporate pricing power is beginning to turn.

The latest Consumer Price Index showed grocery prices fell 0.2% between March and April.

Industries have begun reporting that a long-awaited pullback in consumer spending is taking shape after years of high inflation.

Like Target, growing consumer price fatigue has prompted companies like Wendy’s and McDonald’s to offer lower-priced dining options to retain customers on a tight budget.

“We know consumers are feeling pressured to make the most of their budgets, and Target is here to help them,” Rick Gomez, Target’s executive vice president and chief food, staples and beauty officer, said in a press release announcing the cuts. Save more.