DOJ Widens Beef Price Probe

It's Benzinga bringing Wall Street to Main Street. The Justice Department expanded its beef affordability investigation to eight major retailers, including Walmart, Costco and Amazon. After a surge in retail beef prices, according to Reuters, the antitrust division is also investigating Kroger, Albertsons, Aldi, Publix and a whole Delhaize USA. The probe follows a criminal investigation into large meatpackers after President Trump accused companies of manipulating beef prices through collusion. Tyson Foods earlier agreed to pay $1.82.5 million to settle a proposed class action lawsuit alleging it conspired to inflate beef prices by restricting supply. Tyson, Cargill, JBS USA and National Beef Packing Company slaughter about 85 percent of U.S. grain, fat and cattle. U.S. beef prices hit a record high in May, adding pressure on consumers already facing higher living costs and soaring gasoline prices tied to the Middle East conflict. The eight retailers did not immediately respond to Reuters' request for comment. For all things money, visit Benzinga.com.