MPC: Where The Facts Don’t Matter

You might have seen MPC’s latest tweet, where they again, ignore the facts in order to blame credit card companies.

In reality, card acceptance costs have barely budged over the last decade – while grocery stores prices have skyrocketed.

According to the research publication Nilson Report, the weighted average of credit, debit, and prepaid card processing in 2014 was 1.51%, and in 2023, it was 1.53%.

Here is what MPC would have you believe…

So, what has changed?

The Federal Trade Commission (FTC) says large grocery conglomerates like Walmart, Kroger, and Amazon are the real culprits behind the price increases American families face every time they go to the grocery store.

The FTC reported, “Grocery retailers appear to have used their market power to avoid supply disruptions during the COVID-19 pandemic and that grocery prices remain high because companies used rising costs as an opportunity to boost profits … raising questions about the need for the price increases in the first place.” And FTC Chair Lina Khan said the report, “finds that dominant firms used [the pandemic] to come out ahead at the expense of their competitors and the communities they serve.”