U.S President Joe Biden will have a virtual meeting with independent farmers and ranchers to explore ways to lower food prices by promoting competition within the meat sector, as part of a larger push to demonstrate the administration's commitment to fighting inflation.
Biden's strategy has been hindered by higher-than-expected inflation, which will be discussed at the White House on Monday afternoon. In November, consumer prices increased 6.8 percent over the previous year, reaching a 39-year high. Inflation has harmed Biden's popularity, provided ammunition for Republican assaults, and spurred Sen. Joe Manchin to blame rising prices for the Democratic president's tax, social, and economic policies.
Biden is following up on an executive order issued in July that authorised the Agriculture Department to investigate into suspected violations of the 1921 Packers and Stockyards Act, which was intended to ensure fair competition and safeguard consumers. Meat costs have increased by 16.7 percent year over year, with beef prices rising by 20.9 percent.
The administration is focusing on meat processing businesses, which have the power to influence farmer and consumer prices. According to a data sheet released by the White House, the top four businesses control 85 percent of the beef industry. In the poultry processing industry, the top four companies control 54 percent of the market. In the case of pork, the four largest companies account for 70 percent of the market.
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