WASHINGTON, D.C. — President Joe Biden says a new plan to help family farms and ranches will also lead to lower prices at grocery stores.
On Monday the president met with leaders of the meat and poultry industry.
He says $1 billion from the American Resource Plan will go to help independent meat producers.
Biden partly blamed the increase in food prices on market distortion caused by international meat-processing conglomerates.
"Capitalism without competition isn't capitalism. It's exploitation,” Biden said. “That's what we're seeing in meat and poultry and those industries now.
“Small independent farmers and ranchers are being driven out of business. Sometimes business that have been around for generations. It strikes at their dignity and their respect and the family’s legacies that so many of them carried for generation after generation."
Biden says the new funding will help boost competition in the industry.
And that will help American consumers who are dealing with skyrocketing food prices – particularly for beef.