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White House working on lower food prices

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WASHINGTON (NEXSTAR) — The White House has announced that it is taking measures to reduce costs at the grocery store, because prices are still too high for many families.

Major retailers such as Target, Walmart, Walgreens and others have announced plans to lower their prices.

“This really comes after the president took serious action against price gouging,” said Jon Donenberg, deputy director of President Biden’s National Economic Council.

Economic adviser Jon Donenberg says President Biden supports the Shrinkflation Prevention Act of 2024, which would direct the Federal Trade Commission (FTC) to crack down on companies that sell products in smaller packages for the same or higher price.

This week USDA is working to create a level playing field in the poultry industry through greater transparency in the market, which it says will lead to lower meat prices.

“Poultry you buy in the supermarket will be more competitively priced and also of better quality,” said Donenberg.

But in the US Congress, Republicans primarily blamed President Joe Biden for inflation.

“I really don’t think so, Reshad. I think what you can see in some cases is that food prices have risen so rapidly in the first three years of the Biden administration, so rapidly that they have in some ways peaked in some places,” said Senator JD Vance (R-Ohio).

Senator JD Vance and Republican Senator from West Virginia Shelley Moore Capito believe the president should not take credit for the price decline.

“It just means that prices are not going down. It just means that the rate of their increase is slowing,” Moore Capito said.

The White House says Congress can support lower prices by passing President Biden’s bill to ban junk fees.

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