‘Greedflation’ is a term widely used to describe companies exploiting high inflation to increase their profits. Throughout the cost of living crisis, supermarkets have faced accusations of inflating prices beyond the rising costs of raw materials and wages. Most recently, Unilever – maker of Marmite and Magnum – has come under greedflation scrutiny. Despite selling fewer products, its pre-tax profits rose 21% in the first half of this year. A recent investigation into grocers’ pricing by the Competition and Markets Authority found no evidence of profiteering by supermarkets, but noted it would keep the market “under review” and look into the wider supply chain.
How do ‘greedflation’ accusations impact a brand or retailer’s reputation?