Despite President Biden’s assurances of a strengthening economy and lower inflation, the cost of food in the U.S. has risen 25 per cent from pre-pandemic levels, Bloomberg reports. The increased spending is leading to public dissatisfaction, especially among low-income families and minorities, who make up a key group of voters for Democrats.
Biden constantly talks about strengthening the economy and reducing inflation, but Americans have a hard time believing it, Bloomberg writes. Compared to the pre-pandemic period, the cost of food has soared by 25% – 5% more than consumer prices in general.
The president has tried to direct public anger at food companies and grocery chains, accusing industry giants of abusing market power to raise markups. However, going to the shops makes consumers dissatisfied with the economic situation and is a constant reminder that it is now harder to feed a family.
The excessive rise in food costs is depriving Biden of voter support, especially among minorities, a key group for Democrats. Low-income families have the hardest time because they spend most of their income on food. According to an FMI poll, 70 percent of consumers are very or extremely concerned about the cost of food – more than any other category.