Study: Corporate Profiteering Significantly Boosted Prices
Sure, another cherry-picked "study" to "prove" the same nonsense other similar debunked studies have "proved" - they pop up every couple of months and make the same flawed points the previous ones did.
It's not surprising that left-leaning publications like The Guardian don't question the so-called "research" (often sponsored by anti-business groups or "academics" looking to "publish, not perish") about previously debunked nonsense called "Greedflation" - which cherry-picks the data (e.g., specific time periods affected by exogenous events and the pricing from trough to peak profitability, and volatile supply-demand-priced commodities and commodity-related industries like CPG) and then puts the cart before the horse claiming that the companies caused inflation by increasing prices and having their "record profits" while they were just maintaining gross profit margins and passing the input costs along to end-users such as other businesses (B2B) and/or eventually consumers, i.e, higher nominal non-inflation-adjusted profits were mainly the result of higher inflation, i.e., higher input costs, which in many cases also included mandated "minimum" or temporary higher wages due to supply constrains, while gross profit margins (relative to COGS) remained about the same.
GPMs are easy to check, and that's why you see politicians publicly complaining about "profiteering" but not dragging industries' CEOs to hearings on the Hill, where it could be easily shown with one sheet of paper per company why "greedflation" is a stupid concept.
Without going through each company PL statements and balance sheets (which I have done here before, for some specified in reports / stories) here's the data tables and charts from BLS that would broadly show the correlation of PPI (Producers Price Index) and CPI (Consumer Price Index) :
www.bls.gov - 12-month percentage change, Consumer Price Index, selected categories
www.bls.gov - PPI for final demand, 12-month percent change, not seasonally adjusted
But I am sure that in another month or two there will be another "research" paper which will be dutifully published in The Guardian, NYT, LAT etc., and then discussed here as "proof" of "evil capitalist greedflation" in the USA.
It's easy to push the narrative of "Greedflation" and "greedy corporations" or "capitalism" because most people in the US are economically and financially illiterate or miseducated:
"Are you financially illiterate? Suze Orman says 'probably 95%' of Americans are" - www.cnbc.com - CNBC, November 3 2023