‘Greedflation’ study finds many companies were lying to you about inflation
fortune.com
Companies like Exxon Mobil, Shell, and Kraft Heinz enjoyed bumper profits as consumers struggled with historic inflation.
  • ExLisper@linux.communityEnglish
    13·
    11 months ago

    Spanish government taxed extra profits by banks and energy companies right at the beginning of all this and inflation went quickly down. This was obvious from the beginning, most politicians simply pretended it’s not.

  • AutoTL;DR@lemmings.worldBEnglish
    5·
    11 months ago

    This is the best summary I could come up with:

    A joint study by think tanks IPPR and Common Wealth found profiteering by some of the world’s biggest companies forced prices up significantly higher than costs during 2022.

    Analysts have typically laid the blame on supply-chain bottlenecks created by excess demand during the COVID-19 pandemic and exacerbated by Russia’s invasion of Ukraine.

    Profits for companies in some of the world’s largest economies rose by 30% between 2019 and 2022, significantly outpacing inflation, according to the group’s research of 1,350 firms across the U.S., the U.K., Europe, Brazil, and South Africa.

    The biggest perpetrators were energy companies like Shell, Exxon Mobil, and Chevron, which were able to enjoy massive profits last year as demand moved away from Russian oil and gas.

    In April, Société Générale economist Albert Edwards released a scathing note saying he hadn’t seen anything like the current levels of corporate greed in his four decades working in finance.

    In November, Walmart CEO Doug McMillon suggested the era of high inflation in the U.S. was over, and shoppers may soon begin to experience a contraction in prices—known as “deflation”—in company stores.

    The original article contains 639 words, the summary contains 182 words. Saved 72%. I’m a bot and I’m open source!

    • plz1@lemmy.worldEnglish
      3·
      11 months ago

      Yeah, Walmart will totally lower prices, just not to the levels they were before they went into price gouging mode. If their bottom line gets easier, they aren’t passing savings on to the customer. Capitalism won’t allow it.