Study: Corporate Profiteering a Key Driver of Inflation in 2022
• Profiteering by large corporations has significantly contributed to higher inflation in 2022, according to a new study • The study found that business profits rose 30% among UK firms, while costs only rose 11%, indicating excess profits • Companies like ExxonMobil, Shell, Glencore, and food producers saw profits greatly exceed inflation after Russia's invasion of Ukraine • The study argues that systemic sectors like energy and food have an outsized impact on wider inflation • The researchers call for a global corporate excess profits tax and moves to increase market competition to curb inflated prices