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Vance mocked for saying eggs cost $4 — while standing in front of a dozen for $2.99
(www.independent.co.uk)
this post was submitted on 23 Sep 2024
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It's probably both. You find an excuse to raise prices, you build in some extra margin so you only have to raise the price in one big go instead of smaller increments that better reflect market prices. Your competitors do the same, and you just tell everyone there's nothing you can do, it's just inflation.
Sounds reasonable, I was asking if we have actual data instead of Feels.
There's been a couple studies. This NYT article summarizes some of them. https://www.nytimes.com/2024/08/15/business/economy/kamala-harris-inflation-price-gouging.html
The article says that the cause is complex. Corporate profits are part of it, but also increased wages across the supply chain, and strong demand (more people eating at home instead of eating out) vs lower supply (egg shortages, for example). I saw another article suggesting that climate change was also harshly impacting the supply chain, but it didn't list a solid source.
I've never understood the "more people eating at home" argument for hight food prices. The same amount of food is being bought even if a restaurant is buying less. Like food magically doesn't get eaten or needed more based on people eating at home or eating out. The food would just be going to the grocer instead the restaurant directly. Or am I misunderstanding this?
IIRC, one of the lessons from the pandemic is that restaurant and grocery store food chains are separate things. It isn't easy to switch between them.
Logistics is boring, but really important.
That makes some sense but it sounds like a problem for the companies to solve logistically and not just burden on the household buyer as a bandage.
No they build in extra margin so they make more profit.