Study finds market power drove pandemic food inflation
On earnings calls last week, major food brands bragged about their ability to keep raising prices. Soda and snack giant PepsiCo told investors that it raised prices 16 percent last quarter, bringing in 18 percent more profit. Nestle announced a 10 percent price hike and Unilever said its food brands cost 13 percent more. In all these cases, higher prices helped food giants increase profits even as their sales decreased. (No paywall)