Companies like Exxon Mobil, Shell, and Kraft Heinz enjoyed bumper profits as consumers struggled with historic inflation.

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. He said companies were using the war in Ukraine as an excuse to hike prices in search of profits.

“The end of Greedflation must surely come. Otherwise, we may be looking at the end of capitalism,” Edwards wrote. “This is a big issue for policymakers that simply cannot be ignored any longer.”

  • FluffyPotato@lemm.ee
    34·
    1 year ago

    Oh no, I’m so surprised. Such an unexpected turn of events. Flabbergasted I tell you.

    Yea, this happens every single time there is any excuse to raise prices. My first time was when my country switched our currency from Kroon to Euro and everyone said that will not cause an increase in prices. About a year later everything was about 30% more expensive.

    This is not new and nothing will be done to fix it would be my prediction from like the last 10 times this has happened.

    • spirinolas@lemmy.world
      7·
      1 year ago

      Same in Portugal. A 100 escudo coin was actually quite similar to the 1 euro coin but it was worth half. In one year what costed 100 escudos was now 1 euro. A 100% price increase.