Between fall 2020 and fall 2022, 47 cents of every extra dollar spent on rent, food, transportation and more ended up as corporate profits in four industries, the report found.
As Canadians struggle to afford essential goods and services, the spoils of inflation are ending up largely in corporate profits, particularly in oil, gas and mining industries, a new analysis reveals.
“But that doesn't really tell us who's benefiting from those higher prices,” he said, noting grocery stores were rolled into a larger retail category, so this analysis can’t single out their profits. “Of every additional dollar that you're spending, on average, a quarter of it is just being declared as profits in oil and gas and mining,” said Macdonald.
Of that, $18 billion ended up in mining and oil and gas extraction, and basically all of it was profit. Only $656 million went towards increased compensation for workers, the report found.
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Corporations are winning the inflation bump, while Canadians struggle with high prices“Of every additional dollar that you're spending, on average, a quarter of it is just being declared as profits in oil and gas and mining,” said a senior economist at the CCPA.
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