Oxfam has accused major food companies of "crisis profiteering" amid global economic upheaval. The organization asserted that food companies have used climate change, the surging cost of living, Russia's invasion of Ukraine and the COVID-19 pandemic as an excuse to increase prices for consumers.
Food companies that have increased their profits as inflation surged should pay windfall taxes to help tackle global inequality, Oxfam said.
Oxfam analyzed 95 companies that posted windfall profits and found that most pass on these profits to shareholders while charging consumers higher prices.
Oxfam executive director Gabriela Bucher told the AP, "The number of billionaires is growing, and they're getting richer, and also very large food and energy companies are making excessive profits."
"Pandemics, conflicts and not least the Russian war of aggression have set us back years in terms of poverty, hunger, health and education — while the rich have become even richer," Germany's Development Minister Svenja Schulze explained.
At Davos, Oxfam calls for a windfall tax on food companies – DW – 01/16/2023
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