Behind the Price Tag
Heard of 'greedflation'? It’s where companies hike prices more than needed. A recently released study of 1,300 firms based on 2022 price data showed many did just that, impacting us all.[1]
Inflation means rising costs, but 2022’s story had a twist. While economies struggled, some big companies, including those in Canada, were raising prices to boost profits, not just to cover costs. This pushed everything from energy to food prices higher for consumers.[2]
Impact on Prices: Because of greedflation, prices for things we buy every day have gone up. This is part of why things feel more expensive lately.
What Can We Do? It's important to understand that not all price increases are because of greedflation. But knowing about it can help us make better choices. We can think about where we spend our money and support businesses that are fair with their prices.
Here's how you can take action against greedflation:
Support Ethical Businesses: Choose to buy from local and smaller businesses that price their goods fairly.
Price Matching: Take advantage of stores that offer price matching to ensure you're getting the best deal.
Stay Informed: Keep up with news on price trends so you can spot when prices shouldn't really be going up.
This isn’t just about numbers. It’s a critical look at how big decisions affect our everyday spending. We've felt it at the pump and the checkout line. It's a reminder that price tags aren't just figures; they're choices, sometimes not in our favour.
But change is on the horizon. Companies like Ikea are cutting prices, acknowledging the financial strain on consumers. 'Greedflation' is more than a term; it’s a call to action for a fairer economy, urging us to question and challenge the why behind rising prices.
[1,2] The biggest study of ‘greedflation’ yet looked at 1,300 corporations to find many of them were lying to you about inflationhttps://finance.yahoo.com/news/biggest-study-greedflation-yet-looked-112722227.html .