Retail Industry Responsible For Price Hikes Amid COVID-19 Pandemic And Inflation, Report

While inflation has risen to record levels over the past year, leading to rising prices of goods, some companies have taken advantage of the situation.

A new report by Accountable.US reveals that some companies, in an effort to increase profits, engaged in price gouging and rose costs exponentially on consumers both during the COVID-19 pandemic and as inflation started to grow. The report named companies that were found to have engaged in the practice.

To find the companies responsible, Accountable examined financial statements from top retailers in the United States over the past two years to determine which ones were most responsible for rising prices. The list includes Amazon, the e-commerce giant that recently announced rises in prices for their consumers and subscribers.

"Though wages have grown during the pandemic, these increases have been largely 'canceled' out by rising prices," the report reads.

The report also includes Walmart, Home Depot, Costco, Lowe's, CVS Health, Target, TJX Companies, Dollar General and Kroger as companies that have made a huge profit by raising consumer prices over the past two years.