We're told that soaring inflation is caused by a wide range of economic factors beyond our control - but is it?
A large majority of Americans believe that prices are going up just so businesses can make more money.
A recent survey by Attest found 80% of respondents pointing to so-called "greedflation" -- using inflation as an excuse to hike prices -- as the main cause of higher prices.
Of those respondents, more than half (58%) believe "more needs to be done" to protect consumers and keep businesses from benefiting from inflation, the survey shows.
Albert Edwards, a global strategist at Société Générale, said he's never seen anything like the current "unprecedented" and "astonishing" levels of corporate greedflation -- and he's been working in finance for four decades, Fortune reported.
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"The end of greedflation must surely come. Otherwise, we may be looking at the end of capitalism," Edwards wrote in weekly report, per Fortune. "This is a big issue for policymakers that simply cannot be ignored any longer."
When it comes to the type of products affected by greedflation, 3 in 4 people said groceries have seen the most rapid price increases, and 71% said they are likely to switch food and drink brands to save money, according to the survey.
Consumers say energy products (37.1%) have also seen steep price increases due to greedflation, followed by travel (27.2%), clothing/shoes (26.9%), health and wellness (26.3%), electronics (24.3%), cosmetics/body care (18.8%), pet products (18.8%), financial services (18.8%), vice products like alcohol and tobacco (18.3%), and furniture/décor (14.7%), according to the survey.
Greedflation has also had an impact on shoppers' brand loyalty, with 88.5% saying they are somewhat or much more likely to try other brands due to price hikes. Meantime, 11.5% of survey respondents say their brand loyalty hasn't wavered.
Beyond groceries, the survey shows the top products consumers are most likely to switch brands to save money include clothing/shoes (40.2%), cosmetics/body care (26.1%), health and wellness (24.1%), electronics (23.8%), and pet products (22%).
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While most respondents said price increases haven't caused them to "break up" with any brand for good, many report buying less brand-name products and more generic brands, or prioritizing products and cutting back to only purchase what is necessary.
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