'Gougers' take advantage of inflation claims

The rate of inflation in 2022 was 8% resulting in significant increases to the cost of goods and services. So far this year, the rate is running at approximately 4%. With the Federal Reserve increasing the lending rate, the forecast is a rate for 2023 that will approximate 3%.

Despite the marked improvement in the inflation rate, the costs of goods and services continue to go up dramatically. CEOs interviewed on the financial networks speak of "Having pricing power."

That is code for saying, "we have the ability to increase costs without fear." Rather than reducing or even stabilizing prices we have seen a wave of stock buybacks, dividend increases and no letup in executive bonuses.

As consumers, we must identify these "profiteering" companies and, if practical, stop dealing with them, or at least identify them.

Examples of what I have personally experienced in the past year or so are a 30% increase in our medical insurance and an increase of nearly 20% in the rent in the Senior Facility where my wife and I reside.

The insurance company which provides us with medical coverage has had a five-year increase in profit of 19.7%; our resident facility is not a publicly listed corporation, thus their profit history cannot be ascertained.

In conclusion, I can look for another insurer but cannot realistically find and move to another facility.

We must identify and call out these gougers.

John Reda

Palatine