Tired of Inflation? Here’s How You Can Fight It

As inflation continues to impact households across the country, many consumers feel powerless to the onslaught of higher prices and corporate greed. But remember, we live in a capitalist society, which means consumers (that’s you) actually wield a significant tool in their back pockets to fight inflation. That’s right, we can speak with our wallets.

it’s essential to recognize that consumer behavior can significantly influence price trends. While several factors contribute to inflation, including supply chain disruptions and monetary policies, recent analyses highlight that a substantial portion of price increases in the current economic climate can actually be attributed to corporate profit strategies and not market pressure.

The Role of Corporate Profits in Inflation

A report by the Groundwork Collaborative revealed that corporate profits accounted for 53% of inflation during the second and third quarters of 2023. This finding suggests that beyond traditional economic pressures, companies have been leveraging the inflationary environment to bolster their profit margins. This trend is supported by record profits reported by numerous corporations during periods of high inflation, raising concerns about “greedflation.”

Public Perception and Response

A poll conducted by Navigator Research found that 59% of Americans believe corporate greed is a major cause of inflation, a significant increase from 44% in January 2022. This growing perception underscores the need for consumers to be more strategic in their spending habits.

Exercising Consumer Power

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In a capitalist society, consumers wield considerable influence through their purchasing choices. Here are some strategies to help mitigate the impact of corporate-driven inflation:

1. Support Small Businesses: Smaller businesses often have less pricing power than large corporations and may offer competitive prices.
2. Buy Generic Brands: Opt for generic or store brands, which are typically priced lower than name brands. This will eventually drive the price of name brands down again.
3. Utilize Price Comparison Tools: Use apps and websites that compare prices across different retailers to find the best deals.
4. Limit Discretionary Spending: Focus on essential purchases and reduce spending on non-essential items, sending a message to corporations about acceptable pricing practices.
5. Join Consumer Advocacy Groups: Support organizations that advocate for fair pricing and hold corporations accountable for unjustified price hikes.
6. Don’t Buy It: Don’t like how much restaurants cost or how little service they give now? Stop eating out. Not happy with your streaming service’s price hike? Cancel it. By taking direct action when prices go up you send a message to companies that their behavior is not acceptable.

While inflation is a complex issue with multiple causes, the role of corporate profits cannot be ignored. By making informed purchasing decisions, consumers can push back against price increases driven by corporate greed and help stabilize the economy.

The power to influence market trends lies in the collective actions of consumers, reminding companies that they cannot take customer loyalty for granted.