I learnt a new word today and that word was Greedflation but it’s meaning held no surprises for me. Actually, quite the opposite. Its what I and many thought was going on but were told it was nonsense.

Greedflation; the process retailers have used to artificially rise prices under the excuse of Covid-19 and the war between Ukraine and Russia.

Okay, there was a shortage of materials, products and services during Covid-19 as many items could not be shipped, mined, produced and developed. This cut wholesale stock-piles to low levels or even nothing. Supply and demand dictated prices. I think we can all forgive and understand that.

However, many retailers pushed up their prices well above their extra incurred costs and therefore made a larger profit. Take BT for instance. It raised its prices by a whapping 14.5% when inflation was running at around 10%. That is pure profiteering, which I thought was illegal. Why were they seeing higher costs than everyone else?

Oil and gas prices went historically low but the end user still hasn’t seen anywhere near the price cuts that could have been offered and these giants have bragged about their collossal profits at our cost.

Suppermarkets have inflated prices, cut the portion sizes and have hoodwinked their customers under the banners of Covid-19, War and the erratic supply chain. Even our loyalty cards have been hit all in the name of pricing.

While incomes have hardly moved for the masses, the elite have been languishing off bumper profits paid for by a squeezed society in the midst of a cost of living crissis. An artificial cost of living crissis if truth be told.

Many companies didn’t need to use these hikes as the Government paid them subsidies or gave them massive contracts which were paid for by the tax-payer but not delivered.

Where have the billions of wasted money gone which should have been paid back or never paid out inthe first place? Corruption, greed, mates and immorality is where and we are to beleive it was all necessary for our benefit and safety of the citizen.

All these price hikes have made a massive impact on the little traders and self employed as all their costs have spiralled up but the difference is their customers can’t cover the increases so these traders have had to take a loss in earnings just to keep their businesses alive. Many have folded as they can’t afford to carry on.

The sad thing is that now we learn that a lot of these increases were unnecessary and unfair and weren’t just to cover supply problems. They have linned the pockets of the boss.

I just hope they are happy and have put some of their gains aside for the future because this practice is not sustainable in the long run. Unfortunately, I fear it will be the front-line staff, mid-low income earners and junior managers who will suffer due to job losses, pay-cuts and over-work to justify profits and so called efficiency drives.

The Sherrif of Nottingham and King John were the good guys compared to our modern day capitalist boss who care nothing about morals, rights, laws loyalty and a company’s future.

Still on the plus side we are getting closer to net zero and a way of life that is own nothing and be happy.

Work sets you free!!!