WASHINGTON D.C. — Following the release of the Labor Department’s latest Consumer Price Index (CPI) report, a new analysis from government watchdog Accountable.US found major corporations across several industries that have raised prices on everyday necessities like food, shelter, and utilities have raked in “record-high profit margins” and near-record operating margins while rewarding wealthy investors billions of dollars. The report comes after the welcome passage of the Inflation Reduction Act, which has yet to fully take effect and helps rein in corporate profiteering. Some of the largest companies within the CPI’s major categories––Food, Energy, Healthcare, and Shelter––have continued to raise prices while making over $6 billion in increased profits in the first half of FY 2022 compared to FY 2021. Meanwhile, these same companies have increased spending on shareholder handouts by $15.4 billion year-over year for a total of $62.6 billion.


It’s clear that corporations that inflated prices over and over on working families despite reporting massive profits and generous giveaways to wealthy investors are never going to regulate their own greedy behavior. They simply can’t help themselves. Unfortunately, we’re seeing many companies try to maximize profits on the backs of consumers before the Inflation Reduction Act takes full effect. It’s yet another reminder why profiteering corporations need to finally pay their fair share in taxes as they refuse to lighten the cost burden on everyday families.” 

Liz Zelnick, spokesperson for Accountable.US



  • Mondelez noted that it hasn’t seen much consumer pushback over its price hikes as it saw $1.6 billion in net income and spent nearly $2.4 billion on stock buybacks and dividends in the first half of its FY 2022.
  • Kraft Heinz—which has raised prices and announced that further hikes would take effect in August 2022—saw its net income skyrocket by nearly 93% to over $1 billion and spent $980 million on dividends in the first half of its FY 2022.
  • General Mills—which hiked prices five times over the past year—saw its net earnings climb by 46.5% to over $1.4 billion, while it spent over $1.1 billion on buybacks and dividends in the last half of its FY 2022.



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