Report: 95 Food and Energy Corporations Doubled their Profits in 2022, Making $306 billion in Windfall Profits

In 2022, a staggering 95 food and energy corporations experienced an unprecedented surge in profits, more than doubling their earnings and amassing a whopping $306 billion in windfall profits. This astronomical increase in corporate gains occurred against a backdrop of global economic turmoil and rising living costs for ordinary citizens.

The Profit Surge

The food and energy sectors saw extraordinary profit growth, with companies capitalizing on market volatility and increased demand. Of the $306 billion in windfall profits:

- Food companies accounted for $70 billion
- Energy corporations raked in $237 billion

1. Amazon: A class-action lawsuit accused Amazon of hiking prices on essential goods by up to 1,800% during the pandemic. Specific examples included:
— Face masks: Increases up to 1,800%
— Cold remedies: Increases up to 1,523%
— Toilet paper: Increases up to 1,044%
— Black beans: Increases up to 521%…