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Trump directs DOJ to "immediately" launch probe into meat-packing firms
(MENAFN) US President Donald Trump announced on Friday that he has directed the Department of Justice (DOJ) to "immediately" launch an investigation into meat-packing firms, accusing them of artificially inflating beef prices through "illicit collusion, price fixing, and price manipulation."
"We will always protect our American Ranchers, and they are being blamed for what is being done by Majority Foreign Owned Meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply," Trump stated on his Truth Social account.
He emphasized that swift action is necessary "immediately" to safeguard US consumers, fight illegal monopolistic practices, and ensure these companies are not "criminally profiting" at the expense of Americans. "I am asking the DOJ to act expeditiously," he added.
According to reports, retail beef prices have seen significant increases, with steak rising 16.6% and ground beef up 12.9% over the year ending in September. The average cost of a pound of ground chuck, a richer mince derived from the neck and shoulder of cows, climbed from $5.58 to $6.33 in September.
The rise in beef prices has outpaced the overall food inflation rate of 3.1% recorded for September, underscoring the sharp spike in costs for American consumers.
"We will always protect our American Ranchers, and they are being blamed for what is being done by Majority Foreign Owned Meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply," Trump stated on his Truth Social account.
He emphasized that swift action is necessary "immediately" to safeguard US consumers, fight illegal monopolistic practices, and ensure these companies are not "criminally profiting" at the expense of Americans. "I am asking the DOJ to act expeditiously," he added.
According to reports, retail beef prices have seen significant increases, with steak rising 16.6% and ground beef up 12.9% over the year ending in September. The average cost of a pound of ground chuck, a richer mince derived from the neck and shoulder of cows, climbed from $5.58 to $6.33 in September.
The rise in beef prices has outpaced the overall food inflation rate of 3.1% recorded for September, underscoring the sharp spike in costs for American consumers.
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