The USDA partners with state attorneys to combat practices increasing food prices by banning anti-competitive processes in agriculture.
Agriculture Secretary Tom Vilsack stated that the partnership would address corporate consolidation and unfair competition, focusing on food, retail, and meat and poultry processing.
The aim is to equip attorneys general with the necessary resources to take action against such practices, fostering a more robust and competitive agricultural sector.
Inflation has been rising for food items, with prices peaking last summer, leading to a 13.5% year-over-year increase in August 2022. Though overall inflation has cooled, grocery store prices have remained 4.7% higher year-over-year.
Certain food items, like eggs, witnessed significant price surges due to a bird flu outbreak in 2022, prompting concerns about corporations’ lack of competition and possible price manipulation.
This USDA action is part of President Joe Biden’s executive push to promote competition in various sectors, including more precise guidelines for company mergers.
Additionally, the USDA is actively working to increase funding for independent meat and poultry processing capacity and developing new rules to expand protections for farmers and ranchers.
By addressing corporate practices that hinder fair competition, the USDA seeks to create a more transparent and competitive marketplace that benefits consumers and producers alike.
