Lael Brainard slams food companies for ‘shrinkflation' as White House attacks price gouging
Publishing timestamp: 2024-02-13 13:23:41
Summary
Lael Brainard, the National Economic Council Director, blames higher consumer prices on "shrinkflation," supporting President Biden's campaign against corporate price gouging. However, consumers have yet to feel relief and blame Biden for it, which could impact his 2024 reelection bid. Consumer brands like Coca-Cola, PepsiCo, and Procter & Gamble have raised prices and reduced product sizes, leading to criticism. Biden is calling on corporations to pass on savings to consumers.
Sentiment: NEUTRAL
Keywords: national security, government and politics, breaking news: economy, business news, joe biden, inflation, pepsico inc., breaking news: politics, politics, lael brainard, u.s. economy, procter & gamble co, coca-cola co, economy, elections, defense, prices,
Source: https://www.cnbc.com/2024/02/13/feds-lael-brainard-shrinkflation-white-house-battle.html