REPORT: Major Corporations Pump Up Own Prices Despite Billions in Profits While Republicans Play Blame Game on Inflation

Washington, D.C. — As congressional Republicans continue to falsely blame President Biden’s yet-to-be-enacted Build Back Better Agenda for price inflation around meat prices and everyday goods, Accountable.US released a new analysis identifying 12 major corporations that have reported nearly $11 billion in profits the same quarter they announced price increases, along with over $34 billion in stock buybacks and dividends this year.   

As millions of Americans are already struggling against a worsening hunger crisis, eight of these companies, including Proctor & Gamble, PepsiCo, and Coca-Cola, have jacked up food prices, or announced their intent to do so, despite recent healthy financial reports. 

 “If Republicans in Congress truly cared about families struggling against price increases on everyday goods, they would be blaming the big corporations jacking up prices despite enjoying billion-dollar profits — not unenacted Biden policies,” said Kyle Herrig, president of Accountable.US. “This is not the first time, and it won’t be the last, that Congressional Republicans opt to score political points rather than call out the greedy behavior of their wealthy industry donors that comes at the expense of their own constituents.” 

Last month, Accountable released a review of the big-four U.S. meat processing companies finding that all have been subject to serious price-fixing lawsuits, with several already agreeing to pay at least $400 million in fines and settlements in recent years for manipulating prices, and even colluding with one another. 

KEY POINTS FROM THE REPORT:  

Procter & Gamble 

• Owns Bounty, Charmin, Dawn, Gain, Pampers, Tide, Vicks, Other Major Household Brands 
• Announced Price Increases As It Reported Quarterly Profits Of $3.27 Billion 
• Projected $19 Billion In Shareholder Handouts Through The End Of The Year 
• 2020: Laid Off 350 Workers Despite Pandemic Profits 
• 2020: Scrutinized For Palm Oil Supply Chains Rife With Slavery, Rape, And Child Labor 

PepsiCo 

• Owns Frito-Lay, Gatorade, Quaker, Tropicana, And Other Major Brands 
• Planned On Price Hikes Through 2021 Even As Stocks Hit An “All-Time High” 
• Reported $2.36 Billion In Quarterly Profit 
• Disclosed $5.9 Billion In Shareholder Handouts During Its 2021 Fiscal Year 
• 2020: Planned On Layoffs Despite Pandemic Profits—After Its CEO Spoke Of “‘Relentlessly Automating’” Its Business 
• 2021: Its Frito-Lay Workers Drew National Attention For Striking Over “‘Suicide Shifts’”

Coca-Cola

• Owns Dasani, Powerade, Minute Maid, Dairy Brands, And Others
• Planned On Continued Price Hikes As It Reported $2.64 Billion In Quarterly Profit 
• Reported $3.62 Billion In Dividends In The First Half Of 2021 
• 2020: Announced A 1,200 Worker Layoff In The U.S. 
• 2020-21: Faced A String Of Strikes (And At Least One Threatened Strike) Over Workers’ Low Pay, High Healthcare Costs, Lack Of Pandemic Protections, And Stripped Workplace Rights  

# # #