Kroger Executive Admits Company Gouged Prices Above Inflation

A top company leader at Kroger has admitted during an antitrust trial the company gouged prices on select items above inflation levels.While testifying to a Federal Trade Commission attorney Tuesday, Kroger's Senior Director for Pricing Andy Groff said the grocery giant had raised prices for eggs and milk beyond inflation levels.'This is not at all surprising,' Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek.

'The FTC antitrust case alleges that if Kroger successfully acquires Albertsons, consumers will see even higher price hikes due to the reduced competition from the two chains being merged.Larger Trend?During the pandemic, food and energy prices drove the overall level of inflation, and many of those same sectors saw companies post record profits, Powers said.

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