Huge corporations are using inflation, the pandemic and the supply chain crisis to line their pockets by raising the price of daily consumer goods, an expert has claimed.
Multinationals like PepsiCo have raised the costs of popular products while boosting their profits by millions of dollars, it has been claimed.
Campaigners say some companies are using genuine economic problems as an “excuse” to raise prices more than necessary.
Average food prices in the United States increased by 11.2% from September 2021 to September 2022.
Cereals and bakery products increased by 16.2% during this period; meat, poultry, fish and eggs are 9% more expensive; and dairy products are 10.4% more expensive.
Kyle Herrig says big business ‘didn’t need to raise prices so high for struggling families’
As food inflation rages, big corporations are accused of raising prices while making handsome profits
A bag of potato chips at the grocery store now costs an average of $6.05, up $1 from last year
PepsiCo is among several companies that have hiked prices while boosting profits by millions of dollars
Concretely, a bag of potato chips at the grocery store now costs an average of $6.05, up $1 from last year.
A dozen eggs costs an average of $2.90, up from $1.83 a year ago.
The price of a two-liter bottle of soda jumped 49 cents to $2.17.
But some companies that have raised prices are posting handsome profits, leading to complaints that consumers are being ripped off.
Kyle Herrig, president of advocacy organization Accountable.Us, told The New York Times: “Recent earnings calls have only reinforced the familiar and unwanted theme that companies don’t need to raise their prices so high for families in difficulty.
“The calls tell us that companies have used inflation, the pandemic and supply chain challenges as an excuse to exaggerate their own costs and then consumers of nickel and pennies.”
PepsiCo’s prices for drinks and chips rose 17% in the last quarter, compared to the same period last year, The Times reported.
Out of control inflation has left millions of Americans stressed and worried about the future
And its profit for the third quarter of 2022 increased by more than 20%.
Chipotle Mexican Grill also raised prices and said some items will be nearly 15% more expensive than last year by the end of 2022.
Last quarter, the company’s profit was 26% higher than a year earlier, at $257.1 million.
The problem of food inflation was highlighted throughout the Halloween weekend with figures showing the price of some sweets has risen by almost half.
Amid cost-of-living pressure that experts say is driving people to junk food, prices for individual candies are skyrocketing, with Mars’ Skittles up 42% and Starburst up 35 %, according to Datasembly.
Crunch and Butterfingers bars made more modest price increases of seven and six percent, respectively. The average cost of candy bars jumped 13%, according to the Labor Department.
Only Hershey’s seems to have been immune to the scary prices, having not changed the cost of a chocolate bar since inflation began to set in.
According to the National Retail Foundation, Americans’ total bill spends a total of $10.6 billion on Halloween candy for 2022. For comparison, Americans spent $10.1 billion last year.
Rising food inflation was highlighted by a date showing soaring Halloween candy prices
Core inflation, which excludes food and energy price volatility, rose 6.6% in September
Senator Bernie Sanders of Vermont criticized the price hikes, tweeting last week: ‘While the cost of Halloween candy has jumped more than 13.1% since last September, the Mars candy bar family has enriched by 44% during the pandemic, increasing his wealth by $32.6 billion.
“The Mars family is now worth $106.8 billion. Do you know what is scary? Corporate greed.’
Half of Americans say runaway inflation and the high cost of living are hurting their health, as millions turn to alcohol, junk food and smoke more amid concerns over electricity bills and gas rise this winter.
A recent Bloomberg projection said the US economy was 100% likely to plunge into a recession over the next year. Previously, economists had estimated only a 60% probability of a recession.
Year-over-year data for August shows gas costs rising and inflation highest in 40 years
“As we move through the cost of living crisis, its impact is starting to be felt,” said survey researcher Matt Booth.
“It affects everything from our personal health to how we plan our grocery shopping and where we cut back to save money.”
Nearly three-quarters of Americans said they are concerned about rising electricity and gas costs, the poll found, as consumers face steep increases in the prices of heating oil, propane and other fuels across the country. during the colder months to come.
Almost two-thirds of respondents said the energy crisis and rising cost of living were affecting their spending plans.
. supermarkets accused raise prices for increase their profits