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The report, compiled by the progressive Groundwork Collaborative thinktank, found corporate profits accounted for about 53% of inflation during last year’s second and third quarters.
Prices for consumers rose by 3.4% over the past year, but input costs for producers increased by just 1%, according to the authors’ calculations, which were based on data from the Bureau of Economic Analysis and National Income and Products Accounts.
The report’s authors scoured corporate earnings calls and found executives bragging to shareholders about keeping prices high and widening profit margins as input costs come down.
Groundwork examined earnings calls and found executives at both companies boasting of widening profit margins as input costs decreased.
P&G executives said in their July earnings call they expect $800m in windfall profits because of declining input costs, suggesting they won’t bring down prices.
Earlier this month, with the government’s support, the supermarket chain Carrefour banned some PepsiCo products from its shelves because of “unacceptable price increases”.
🤖 I’m a bot that provides automatic summaries for articles:
Click here to see the summary
The report, compiled by the progressive Groundwork Collaborative thinktank, found corporate profits accounted for about 53% of inflation during last year’s second and third quarters.
Prices for consumers rose by 3.4% over the past year, but input costs for producers increased by just 1%, according to the authors’ calculations, which were based on data from the Bureau of Economic Analysis and National Income and Products Accounts.
The report’s authors scoured corporate earnings calls and found executives bragging to shareholders about keeping prices high and widening profit margins as input costs come down.
Groundwork examined earnings calls and found executives at both companies boasting of widening profit margins as input costs decreased.
P&G executives said in their July earnings call they expect $800m in windfall profits because of declining input costs, suggesting they won’t bring down prices.
Earlier this month, with the government’s support, the supermarket chain Carrefour banned some PepsiCo products from its shelves because of “unacceptable price increases”.
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