Economy

‘Excess profits’ of big firms have driven up inflation, report claims

0


Cooling inflation will be a 'double-edged sword' for companies, says Wolfe Research's Chris Senyek

LONDON — Major companies in the energy and food sectors amplified inflation in 2022 by passing on greater cost increases than needed to protect margins, according to a new report.

British think tanks the Institute For Public Policy Research and Common Wealth said in a report Thursday that big firms made inflation “peak higher and remain more persistent,” particularly within the oil and gas, food production and commodities sectors.

“We argue that market power by some corporations and in some sectors – including temporary market power emerging in the aftermath of the pandemic – amplified inflation,” the report said.

The author’s analysis of financial reports from 1,350 companies listed…



Source cnbc.com

0 0 votes
Article Rating

Here’s what the market will be looking for in Friday’s key jobs report

Previous article

Lululemon (LULU) earnings Q3 2023

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Economy