Thinktank report says ‘resounding evidence’ shows companies continue to keep prices high even as their inflationary costs drop
  • Showroom7561@lemmy.ca
    453·
    10 months ago

    Many progressive economists pointed to corporate profits – or “greedflation” – and supply chain issues as a driver of high prices

    Theft. It’s called theft.

    • Coasting0942@reddthat.com
      9·
      10 months ago

      Smokes cigar: Akshually it’s a reasonable rate of return, but I wouldn’t expect you W-2 menials to understand.

    • quindraco@lemm.ee
      310·
      10 months ago

      Theft is when you take something someone else has without their consent. Charging a lot for what you sell isn’t theft.

      • Showroom7561@lemmy.ca
        191·
        10 months ago

        Profiteering, price gouging, and wage theft are forms of theft.

        Many places already make these illegal, but corporations don’t face consequences when caught.

        The worst part is that many of these companies have stated that without increases in consumer prices, they would be forced to shut down. Lies.

        Our largest grocery store operator in Canada has been posting record profits these past few years, despite claiming that prices need to go up. They are stealing from consumers.

        • ax-_-xa@kbin.social
          2·
          10 months ago

          Aren’t they also losing customers? I don’t buy shit anymore. Won’t a lot of places eventually drive themselves out of business? A smaller, captive customer base with the wealth to choose differently if they feel like it. The vast majority just doing without whatever isn’t crucial.

          • dylanmorgan@slrpnk.net
            4·
            10 months ago

            You can’t really stop buying food. There’s a reason that (say) a laptop costs the same now that it did in 1998 but eggs went from $2.50 a dozen to $8 a dozen in a few weeks with no actual change in supply or demand outside of a very brief constraint on shipping.

            • ax-_-xa@kbin.social
              1·
              10 months ago

              Right, and when all we buy is food, many, many other businesses go poof. I’m not saying food isn’t expensive. I’m saying that’s all I buy anymore.

  • roscoe@startrek.website
    19·
    10 months ago

    If you want to know how bad we’re being fucked, search for the PPI, the producer price index. CPI, the one we always hear about, is the measure of inflation to us, the consumer. The PPI is the measure of inflation to producers, what they pay for goods and services to produce the goods and services we buy.

    The PPI has been back to “normal” for a while now. Pretty much as soon as the post COVID logistics issues were mostly ironed out. The difference between PPI and CPI changes is pure profit.

    We don’t get daily articles on the PPI though, I wonder why.

    Edit: tell people about PPI whenever you can, online or off, the more people know, the better. It’s easy enough to say inflation is just down to greed but being able to back it up by comparing two simple charts will help people really understand.

    • mynamesnotrick
      2·
      10 months ago

      Corps took a hit due to covid lockdowns, they wanted to get the profit they missed back and then just said fuck it, they are used to these prices is what I’m hearing.

  • Drusas@kbin.social
    6·
    10 months ago

    Meanwhile, everyone knew this and the Fed targeted individuals instead of corporations when trying to tackle it.

    • Cheradenine@sh.itjust.worksEnglish
      101·
      10 months ago

      Yes, the Guardian is based in Alabama. Furthermore prices have not risen anywhere else in the world.

    • catchy_name@feddit.itEnglish
      9·
      10 months ago

      Edit: per other commenters, the lemmy_world community isn’t very active. Looks like [email protected] is a better bet.

      Note that for some reason when I subbed to that one I couldn’t see any posts but after a few hours I started to see any newly posted content. I’m guessing that has something to do with how kbin and Lemmy integrate. So if you don’t see any post when adding it just subscribe anyway and then wait a bit

      —————

      Tip: If you are looking for global news without as much US content try out: [email protected]

      Don’t let the name put you off. It is a real news community.

    • ares35@kbin.social
      2·
      10 months ago

      the u.s. economy has a significant impact on the global economy, as well as local economies in other nations. so yes, this is relevant ‘global’ news.

  • Dyf_Tfh@lemmy.sdf.org
    1·
    10 months ago

    So according to the report, since 2019 54% of price increase are due to labor, 34% to profit and 12% to non-labor.

    Those 12% that started the current inflation loop are relatively small overall.

  • omeara4pheonixEnglish
    12·
    10 months ago

    Another so called “economics think-tank” that thinks [consumer price]-[raw material cost]=[profit]. They are just ingnoring all of the other variables in equation. P&G (their biggest example) laid off a huge percentage of their workforce during the pandemic and increased the price of the products. Now they are nearly back at 100% of their workforce but everyone is being paid more. It ends up being a wash for consumers at that point. That’s not even including cost of energy, cost of machine maintenance, and all of the other little things that have increased over the last few years. Nonsense.