Posted 12/8/2023, 11:27:22 AM
Study Finds 1,300 Firms Greedily Hiked Prices Far Beyond Inflation to Reap Record Profits
- Study found 1,300 corporations significantly raised prices beyond cost increases, profiting from "greedflation"
- Corporate profits rose 30% between 2019-2022, far outpacing inflation
- Just 11% of UK firms and a third of US firms accounted for most profit increases
- Energy and food producers like Shell, Exxon, Kraft Heinz saw huge profit surges
- Some companies now cutting prices after backlash, but many blamed inflation for price hikes