Most shoppers understand why prices have been rising, even if they don't like it. But here's something that will make your blood boil: A Digital.com survey of 1,000 business owners and executives found that more than half — 56% — are jacking up prices more than they need to in order to recoup the higher costs of doing business. That's particularly the case at larger companies, where 63% of respondents say they expect increased profits to outpace necessary "inflation" price hikes. Another study by Accountable.US found that retailers including CVS, Kroger, and T.J. Maxx parent company TJX have increased prices unnecessarily, and the nation's top 10 retailers, including Lowe's and Target, collectively boosted their profits by $24.6 billion over the last two years. This news comes as companies are enjoying their most profitable year since the 1950s, with pre-tax profits last year up 25% from 2020, according to Bloomberg.
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