“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.
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.
For example, many consumers are justifiably angry that food prices are going up, and they blame the grocery stores because that's who’s selling them those goods, said David Macdonald, senior economist at the CCPA and author of the report Where are your inflation dollars going? “Without this industry analysis, you just kind of blame the last person in the supply chain as opposed to getting a more in-depth understanding of who is ending up with all this money at the end of the day,” he said. To answer that question, Macdonald created a new dataset to calculate how much of each inflation dollar ended up as profit, worker compensation or other costs across Canada’s 15 economic sectors.
Due to higher prices alone, $72 billion more was sent to the corporate sector in the third quarter of 2022 compared to the third quarter of 2020, the report found.
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