Our new report for the Groundwork Collaborative finds that corporate profits accounted for more than half " 53 percent " of inflation from April to September 2023. That's an astronomical percentage. Corporate profits drove just 11 percent of price growth in the four decades prior to the pandemic. Businesses have been quick to blame rising costs on supply chain shocks from the pandemic and the war in Ukraine. But two years later, our economy has mostly returned to normal. In some cases, companies' costs to make things and stock shelves have actually decreased. A recent survey from the Richmond Fed and Duke University revealed that 60 percent of companies plan to hike prices this year by more than they did before the pandemic, even though their costs have moderated. Corporations across industries, from housing to groceries and used cars, are juicing their profit margins even as the cost of doing business goes down. Since the summer of 2021, Groundwork began listening in on hundreds of corporate earnings calls where we heard CEO after CEO boasting about their ability to raise prices on consumers. Now we hear something slightly different: CEOs crowing about keeping their prices high while their costs go down. PepsiCo raised its prices on snacks and beverages by roughly 15 percent twice in the last year while bragging to shareholders that their profit margins will grow as input costs come down.