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Democratic presidential candidate Vice President Kamala Harris and her husband, Doug Emhoff, made a stop at a Sheetz gas station in Coraopolis, Pennsylvania, on Aug. 18, 2024. Harris recently unveiled a detailed economic plan aimed at addressing price gouging and reducing grocery costs for consumers. The plan includes measures to prevent big corporations from exploiting consumers during emergencies to increase profits on food and groceries.
Price hikes have become a significant issue in the presidential race, with Americans facing higher costs for groceries, energy, housing, and other everyday expenses. Harris and former President Donald Trump have proposed different solutions to combat Inflation, with Harris focusing on preventing price gouging.
The concept of price gouging can vary depending on who is defining it. Economists and lawyers typically define price gouging as the practice of raising prices significantly during emergencies. Some consumers and politicians, however, view price gouging more broadly as unfair pricing practices by companies with significant market power.
In recent years, there has been a growing concern about “greedflation,” where companies are accused of raising prices without offering additional value to consumers. While some argue that corporate profits are driving Inflation, others attribute rising prices to factors like supply chain issues and a tight labor market.
Despite the debate around price gouging, retailers like Target and Walmart have defended their pricing practices and pushed back against accusations of price gouging. Various factors, including changes in production costs and consumer demand, can influence companies’ pricing decisions.
Consumer resistance to high prices has already had an impact on prices, with companies like PepsiCo and Campbell Soup seeing declines in sales volumes due to consumer preferences for cheaper alternatives. Retailers like Walmart are working to combat price hikes by vendors and are calling on suppliers to stabilize or reduce prices.
While some companies have adjusted their pricing strategies in response to consumer demands, the complex factors contributing to Inflation make it unlikely for a quick solution to be implemented by any administration. The issue of price gouging remains a contentious topic that requires careful consideration of various economic and market factors.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.