Biden's Old '0% Inflation' Comment Comes Back To Bite As McKinsey Says New Biggest Splurge For US Consumers Is Groceries - Kroger (NYSE:KR), Walmart (NYSE:WMT)
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A recent CBS News poll shows that 39% of Americans believe the economy is "good," while 57% view it as "bad." President Joe Biden's claim of "zero inflation" in August 2022, when the consumer price index (CPI) reported 8.5% inflation, has received criticism. McKinsey & Co. found that groceries are now the biggest splurge category for Americans, surpassing eating out, travel, and beauty. Millennials are the most likely to consider groceries their biggest luxury. Some commentators find humor in the fact that groceries are the biggest splurge category amidst persistent inflation. The Alaska Permanent Fund, Warren Buffett's Berkshire Hathaway, and other funds have increased their stakes in Walmart and Kroger, the two largest grocery players in the US market.
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