Multinationals in particular hiked prices far above rise in costs to deliver an outsize impact on cost of living crisis, report concludes
Profiteering has played a significant role in boosting inflation during 2022, according to a report that calls for a global corporation tax to curb excess profits.
Analysis of the financial accounts of many of the UK’s biggest businesses found that profits far outpaced increases in costs, helping to push up inflation last year to levels not seen since the early 1980s.
ExxonMobil: profits of £15bn increased to £53bn
Shell: £16bn up to £44bn
Glencore: £1.9 bn up to £14.8bn
Archer-Daniels-Midland: £1.4bn up to £3.16bn
Kraft Heinz: £265m up to £1.8bn
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