We're told that soaring inflation is caused by a wide range of economic factors beyond our control - but is it?
A large majority of Americans believe that prices are going up just so businesses can make more money.
A recent survey by Attest found 80% of respondents pointing to so-called "greedflation" -- using inflation as an excuse to hike prices -- as the main cause of higher prices.
Of those respondents, more than half (58%) believe "more needs to be done" to protect consumers and keep businesses from benefiting from inflation, the survey shows.
Albert Edwards, a global strategist at Société Générale, said he's never seen anything like the current "unprecedented" and "astonishing" levels of corporate greedflation -- and he's been working in finance for four decades, Fortune reported.
"The end of greedflation must surely come. Otherwise, we may be looking at the end of capitalism," Edwards wrote in weekly report, per Fortune. "This is a big issue for policymakers that simply cannot be ignored any longer."
When it comes to the type of products affected by greedflation, 3 in 4 people said groceries have seen the most rapid price increases, and 71% said they are likely to switch food and drink brands to save money, according to the survey.
Consumers say energy products (37.1%) have also seen steep price increases due to greedflation, followed by travel (27.2%), clothing/shoes (26.9%), health and wellness (26.3%), electronics (24.3%), cosmetics/body care (18.8%), pet products (18.8%), financial services (18.8%), vice products like alcohol and tobacco (18.3%), and furniture/décor (14.7%), according to the survey.
Greedflation has also had an impact on shoppers' brand loyalty, with 88.5% saying they are somewhat or much more likely to try other brands due to price hikes. Meantime, 11.5% of survey respondents say their brand loyalty hasn't wavered.
Beyond groceries, the survey shows the top products consumers are most likely to switch brands to save money include clothing/shoes (40.2%), cosmetics/body care (26.1%), health and wellness (24.1%), electronics (23.8%), and pet products (22%).
While most respondents said price increases haven't caused them to "break up" with any brand for good, many report buying less brand-name products and more generic brands, or prioritizing products and cutting back to only purchase what is necessary.
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