Ekkie Thump
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Marmite maker Unilever's sales soar after hiking prices
Stop buying marmite and magnums for Christ's sake! Domestos isn't the only multi-surface cleaner, Knorr is Hellmann's the only mayonnaise.
Seriously, the next few weeks and months are going to see yet another tranche of large multinationals announcing monster profit increases way in excess of inflation while I expect government and BoE officials to continue to tap the headline rate and chastise workers for aspiring to retain their previous spending power. As George Carlin said, "it's one big club and you ain't in it":
Here's Centrica just passing on supply costs:
Here's Exxon exercising restraint and demonstrating its public responsibility:
Here's an IMF study of the last couple of years:
Here's ECB head Lagarde citing the above study:
System working as intended.
Sharpen the pitchforks.
Stop buying marmite and magnums for Christ's sake! Domestos isn't the only multi-surface cleaner, Knorr is Hellmann's the only mayonnaise.
Seriously, the next few weeks and months are going to see yet another tranche of large multinationals announcing monster profit increases way in excess of inflation while I expect government and BoE officials to continue to tap the headline rate and chastise workers for aspiring to retain their previous spending power. As George Carlin said, "it's one big club and you ain't in it":
Here's Centrica just passing on supply costs:
Tweet
— Twitter API (@user) date
Here's Exxon exercising restraint and demonstrating its public responsibility:
Tweet
— Twitter API (@user) date
Here's an IMF study of the last couple of years:
Tweet
— Twitter API (@user) date
Here's ECB head Lagarde citing the above study:
Here's the BoE from the same article:“During previous [financial] shocks in the euro area, firms had tended to absorb rising costs in profit margins, as slower growth made consumers less willing to tolerate price hikes. But the special conditions we experienced last year turned this regularity on its head. The sheer scale of input cost growth made it harder for consumers to judge whether price hikes were caused by higher costs or higher profits, fuelling a faster and stronger pass-through. At the same time, pent-up demand in reopening sectors, excess savings, expansionary [government] policies and supply restrictions brought on by bottlenecks gave firms more scope to test consumer demand with higher prices.”
She said corporate profits accounted for about two-thirds of inflation in 2022 compared with the average over the previous 20 years of one-third.
No way?The Bank of England has yet to produce a study calculating the influence of corporate behaviour on inflation and says it has no plans to embark on a similar study to the one carried out by the ECB.
System working as intended.
Sharpen the pitchforks.