House Analysis Confirms Corporations Use 'Cover of Inflation to Raise Prices Excessively'
A report released Friday by a panel of the U.S. House Committee on Oversight and Reform highlighted how "certain corporations are using the cover of inflation to raise prices excessively, resulting in record profits and profit margins" at the expense of consumers.
The analysis—Power and Profiteering: How Certain Industries Hiked Prices and Drove Inflation—was produced by the House Subcommittee on Economic and Consumer Policy, which held a related hearing featuring testimony from economists in September.
Rep. Raja Krishnamoorthi (D-Ill.), the subcommittee chair, said in a statement that "today's analysis reaffirms what an overwhelming 80% majority of Americans already recognize according to a recent poll: Under the guise of inflation, certain corporations excessively hiked prices far beyond what their costs necessitated, further driving inflation."
"As American corporations report their highest profit margins the United States has seen in over 70 years, executives of leading companies are admitting on earnings calls that they're taking advantage of inflation," the congressman continued. "One executive argued that 'a little bit of inflation is always good in our business' while another admitted that his company's prices wouldn't fall with decreasing costs, stating, 'We don't reduce prices on the back end of these increases.'"
https://www.commondreams.org/news/2022/11/04/house-analysis-confirms-corporations-use-cover-inflation-raise-prices-excessively
