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19 Nov, 2021 07:03

Corporations are using inflation as an excuse to raise prices

With inflation in the United States hitting its highest rate in more than three decades and no end to rising prices in sight, you might think that consumers and retailers alike would be feeling the pressure, but that doesn’t appear to be the case. Ahead of the highly lucrative holiday shopping season, American retail sales surged, up 1.7% compared to September, with roughly two-thirds of the largest publicly traded companies in the US reporting better profits this year, compared to the same period in 2019. This raises the question whether corporations are using inflation as an excuse to raise prices and take an even bigger profit as consumers feel the pain.

With rising oil prices, the Biden administration asked some of the world’s largest fuel consumers to release their reserves. The request – made to Japan, China, and India – comes as President Biden feels political pressure at home due to rising prices at the pump as the economy recovers from the global pandemic.

North America is seeing a surge in orders for robots. The reason for the increase is the overwhelming labor shortage. Many Americans are reluctant to return to work after the Covid pandemic, making some companies turn to robots to close the gap.

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