'Greedflation' study finds many companies were lying to you about inflation

No. Really?

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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.

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