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WASHINGTON, DC — Today’s U.S. Labor Department’s Consumer Price Index (CPI) report shows a slight increase in inflation in the face of persistent corporate greed in a number of sectors. As government watchdog Accountable.US has documented, major companies in the pharmaceutical, housing and food industries have continued to artificially inflate prices despite boasting major gains in earnings and profits – contributing to record high corporate profits last quarter.

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Corporate CEOs and their shareholders seem unbothered with the devastating effect rampant price gouging has had on American families. Even as the Biden administration lowers costs for millions by cracking down on junk fees and prioritizing affordability, sky-high corporate prices prove that there’s still work to be done by Congress in the fight against greedflation.”

Accountable.US’ Liz Zelnick

In the final months of 2023, corporate profits reached an all-time high of $2.8 trillion with unrestrained price gouging driving 53% of inflation in Q2 and Q3 2023. More often than not, excess profits are being used to pad the pockets of wealthy corporate shareholders and executives. 

Americans are feeling the pressure from corporate price gouging. A national survey commissioned by government watchdog Accountable.US found that many Americans believe excessive corporate price hikes are a major driver of inflation and higher costs. 60% of those polled also agreed that “crack[ing] down on price gouging by banning hidden junk fees would be effective at lowering costs.”

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