Executives at one of the nation’s largest grocery conglomerates admitted under oath that the company raised prices on milk, eggs, and other household essentials beyond what inflation required simply because it could. Yet now, these same corporate mega-stores are attempting to deflect blame and scapegoat the electronic payments system.
The facts tell a very different story. Credit card interchange rates have remained largely flat at approximately 1.8% for nearly a decade, even as grocery prices for American families have surged. Rather than pointing fingers at payment networks and financial institutions, corporate mega-stores should look in the mirror and explain their own pricing decisions.
EPC’s one-pager, included below, breaks down how grocery conglomerates increased prices on consumers while card processing costs remained stable, exposing the misleading claims being used to justify flawed interchange legislation.
