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This Is Why

Greedflation: are businesses profiteering from the cost of living crisis?

This Is Why

Sky News

News, Daily News, News Commentary

4.0552 Ratings

🗓️ 2 June 2023

⏱️ 19 minutes

🧾️ Download transcript

Summary

As food inflation rises to 19.2%, its highest rate in 42 years, the European Central Bank has suggested that it could be down to, in part, businesses profiteering from the cost of living crisis by increasing their prices for larger margins, a term known as 'greedflation'.

But what is the data behind the suggestion?

On the Sky News Daily, Sally Lockwood is joined by our economics and data editor Ed Conway, who helps to shed light on what greedflation is and how this term came about. He also shares data Sky News has calculated that breaks down what supermarkets spend their profits on.

Producer: Soila Apparicio
Junior Producer: Amy Lakin
Promotions Producer: David Chipakupaku
Editor: Philly Beaumont

Transcript

Click on a timestamp to play from that location

0:00.0

Add water to your will.

0:02.0

And know that from that single drop,

0:05.0

life will grow.

0:08.0

Communities will flourish.

0:10.0

A better world will be left.

0:13.0

By leaving a gift in your will to Water Aid,

0:16.0

you'll help bring essential clean water to people who need it,

0:20.0

to change their own lives for generations

0:22.4

to come. Add water aid to your will. Search WaterAid legacy to find out how. You know, when Helen

0:31.0

used to get home from work, I'd ask, how are you? Fine, she'd say. She clearly wasn't. After 10 years in IT, she was on autopilot. Then she found

0:42.3

this job, training up-and-coming tech wizas at the college, same skills but with new people, new challenges.

0:49.8

Now when she gets back, I get the full debrief. Can't get a word in.

0:55.0

Give your skills new life.

0:56.6

Train others.

0:57.7

Search jobs in further education.

1:05.6

We've all felt the pinch of higher prices.

1:08.5

And every month we get the data.

1:10.7

How high is inflation now and just when

1:13.2

is it going to come down? While many of these price hikes are driven by global factors, the

1:19.4

rising cost of energy, supply chain issues, some economists are increasingly talking about something

1:25.6

else being behind it. Greed.

1:28.3

The cost of living crisis is not impacting everyone equally.

...

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