Biden Credits Falling Profits for Lower Inflation. Is Corporate Greed Over?

It's an article of faith on the political left that any number of problems can be explained by corporate greed, and inflation is no exception. In 2021 and 2022, Sen. Elizabeth Warren (D–Mass.) complained that high grocery prices were the result of "a handful of giant chains" choosing to "force high food prices onto Americans while raking in record profits." When the price of eggs more than doubled during 2022, Sen. Bernie Sanders (I–Vt.) and former Clinton administration Labor Secretary Robert Reich each named "corporate greed" as the singular cause.

Today, grocery price inflation is cooling, but egg prices have fallen dramatically, from a peak of $4.82 per dozen in January 2023 to $2.09 in July.