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Corporations Reaping Record Profits From Price Hikes That Gouge Consumers

Big corporations boosted their profit margins over the past two years by charging more for food, fuel, housing and other basics — using inflation as a pretext to raise prices.

As inflationary pressure drives up costs throughout the economy, a new analysis out Wednesday reveals that corporations are raking in record profits by jacking up prices at the grocery storegas pump and beyond — hurting consumers while rewarding investors.

The Guardian, which examined Securities and Exchange Commission filings for 100 U.S. companies, found that net profits increased by a median of 49% from the first quarter of 2020 to the first quarter of this year.

Over the same time period, workers’ wages grew by just 1.6%.

These corporations have boosted their profit margins over the past two years by charging more for food, fuel, housing and other basics — using inflation as a pretext to raise prices, negating the modest wage gains that workers made during the coronavirus pandemic.