Craig Renney: Council of Trade Unions economist on rising corporate profits contributing to over half of domestic inflation
New research has found rising corporate profits have contributed to over half of current domestic inflation.
This information conflicts with earlier reports that increased wages and supply costs were the bigger driving forces behind inflation.
Council of Trade Unions economist Craig Renney says research shows that corporate profits have been boosting inflation all over the world- not just New Zealand.
"That's because companies can change prices far more quickly than workers can change their wage arrangements."
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