Fri. Jun 9th, 2023
“It is unacceptable that certain companies and industries are engaged in extreme price hikes under the cover of inflation,” said Rep. Raja Krishnamoorthi.

JESSICA CORBETT

A report released Friday by a panel of the U.S. House Committee on Oversight and Reform highlighted how “certain corporations are using the cover of inflation to raise prices excessively, resulting in record profits and profit margins” at the expense of consumers.

“Americans understand this is happening, and they want it to stop.”

The analysis—Power and Profiteering: How Certain Industries Hiked Prices and Drove Inflation—was produced by the House Subcommittee on Economic and Consumer Policy, which held a related hearing featuring testimony from economists in September.

Rep. Raja Krishnamoorthi (D-Ill.), the subcommittee chair, said in a statement that “today’s analysis reaffirms what an overwhelming 80% majority of Americans already recognize according to a recent poll: Under the guise of inflation, certain corporations excessively hiked prices far beyond what their costs necessitated, further driving inflation.”

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By OEN

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