In a viral TikTok video, a Costco shopper walks around the store, pointing out prices of items that have allegedly skyrocketed since last year.
In the clip posted by TikToker Tom Collins (@sidemoneytom) on Jan. 9, he says that the prices of products like bulk lentils, flour, and butter have risen by over 50% since he purchased them last year.
“I keep getting told that we’ve got 6 or 7% inflation? You gotta be kidding me,” he says in the clip.
Inflation rates skyrocketed in 2022, reaching a peak of 9.1% in June but lowering to 7.1% in November, according to the U.S. Labor Department. However, Collins argues that prices have increased significantly more than can be explained by inflation rates.
The caption reads, “Prices compared to one year ago are up at a minimum 50% on all products at my local grocery stores and Costco.”
@sidemoneytom Prices compared to one year ago are up at a minimum 50% on all products at my local grocery stores and Costco #inflation #prices #costco #2023 #fyp #expensive #groceryshopping ♬ original sound – Tom Collins
The video has reached over 1.5 million views as of Jan. 10, with commenters speculating why prices were increased so drastically.
“It’s not inflation it’s price gouging,” one user alleged.
“And yet, corporate profits are at an all-time high. Hmm,” another stated.
“Corporate profits and price gouging, not inflation,” a third added.
Others observed that other grocery chain prices have also increased, making it hard for shoppers to afford their usual orders.
“I can not keep up with this. its so depressing,” a commenter wrote.
“Every grocery store is out of control with prices,” another said.
The Daily Dot reached out to Collins via Instagram direct message and to Costco via its media request form.
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Source: https://www.dailydot.com/irl/costco-inflation-prices/