"Food Prices Are Still High. What Role Do Corporate Profits Play?"

"Corporate food companies have made record profits these last few years, and they’re hoping it stays that way."

"After more than two years of cost increases, Americans are finally feeling relief at the grocery store as food inflation cooled off for the first time in March and then again in April.

But those price drops will likely only go so far. That’s largely because, over the last few years, the small handful of food corporations controlling the sector have been charging premiums for their products, blaming supply chain disruptions. They’ve raked in record profits as a result, and nothing is stopping them from continuing to do so.

It’s well known that the triple threats of the pandemic, Russia’s war on Ukraine, and the effects of climate change have done a number on the supply chain. Then came avian flu, adding to the pile in 2022 and early 2023.

This series of supply chain disruptions has led to the highest food prices ever, leaving many families unable to afford their groceries. But that’s not the whole story."

Dana Cronin reports for Civil Eats May 22, 2023.

Source: Civil Eats, 05/23/2023