Elizabeth Warren takes aim at supermarket chains over soaring food prices

Sen. Elizabeth Warren accused three major grocery store chains of exploiting the coronavirus pandemic to exponentially raise prices for American consumers, even as the companies rake in record profits.

Warren, a former Democratic presidential candidate, suggested in separate letters to the chief executives at Publix, Kroger and Albertsons that the companies had used their massive profits earned in 2020 to reward executives with bonuses and make additional stock buybacks, all while jacking up the price of food. 

"Your company, and the other major grocers who reaped the benefits of a turbulent 2020, appear to be passing costs on to consumers to preserve your pandemic gains, and even taking advantage of inflation to add greater burdens," Warren wrote.

Americans are grappling with the hottest inflation in nearly four decades, with consumer prices in November soaring 6.8% from the year-ago period. Prices for food were no exception: In November, they jumped 0.5% from the previous month and 6.8% from the previous year.