Unprecedented consolidation in the U.S. food industry may be a cause of rising prices and empty grocery-store shelves
nprecedented consolidation in the U.S. food industry may be a cause of rising prices and empty grocery-store shelves.
The White House, supported by independent economic analysts, has asserted there’s a link between inflation and the dwindling number of food suppliers. The House of Representatives antitrust subcommittee, chaired by Democrat David Cicilline of Rhode Island, is expected to take on the topic in a hearing scheduled for Wednesday.
Mergers and acquisitions have swept the food industry in recent years, making fewer and fewer players responsible for feeding a growing country and sparking concern over the fairness of price hikes. The biggest consolidation has been in beef, where four companies now control 85% of the U.S. market.
“We’ve never seen that before,” said Peter Conti, NielsenIQ’s senior vice president. “Usually there’s a price increase, five years go by, then another price increase. We’re seeing price increases six months apart. That’s got my attention. The frequency of price increases is unprecedented.”President Joe Biden has
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