Washington, D.C. — Ahead of the Labor Department’s monthly report on the state of the consumer price index, Accountable.US spotlighted how corporations among the industries measured in the report, including McDonald’s, Kroger, ExxonMobil, and more, are boasting of healthy balance sheets and profits yet failing to pass their success onto consumers with lower prices. The analysis found that these five businesses reported over $12 billion in third quarter profits as they hiked prices on consumers, or planned to do so.  

“Many corporations are bragging of high profits to their investors yet claim they have no choice but to hike prices on consumers. Nothing is stopping many companies from passing their success onto their customers, but for greed – and Republicans in Congress continue to give them a free pass,” said Kyle Herrig, president of Accountable.US. “Congressional Republicans are trying to make matters worse by holding up the Build Back Better Act that would address supply chain challenges and cut costs for everyday families on everything from healthcare, to utilities, to education. When it comes to inflation, the buck stops with obstructionists in Congress and their profit-hoarding corporate donors.”  

In November, Accountable.US released an 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. The Biden administration has also been rightly criticizing the meat industry’s “‘pandemic profiteering,’” which has driven half of food price hikes as millions of Americans are struggling against a worsening hunger crisis.  



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