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White House Blasts Meatpackers for Grocery ‘Profiteering’

  • Meat prices caused half of food-price gains since late 2020
  • Shares in major meat companies drop in wake of comments
    

Photographer: Mario Villafuerte/Bloomberg

Updated on

The Biden administration is taking aim at major meatpackers, charging that “pandemic profiteering” is squeezing consumers and farmers alike, with a few companies that dominate the industry raking in record profits.

White House National Economic Council Director Brian Deese said Wednesday that increases in the prices of beef, pork and poultry are responsible for half the jump in food prices since late 2020, yet farmers have seen little gain in what they are paid by giant meat companies.