Trump is weaponizing “pricing optimization” consultants to gouge more consumers.

“Trump’s administration halted a probe of surveillance pricing — now “price optimization” consultants are helping corporations weaponize Trump’s tariffs to jack up prices on consumers.”

“Now is the time to take advantage,” said one consultant.”

#CorporateGreed #Tariffs #Gouging #USPol

https://www.levernews.com/how-trump-is-helping-price-gougers-exploit-his-tariffs/

Representative Rashida Tlaib of Michigan and 13 colleagues wrote to the CEO of the supermarket behemoth #Kroger in November about electronic price tags (often called #electronic #shelf #labels or #ESLs ).
These digital displays allow companies to change prices automatically from a mobile app.
Tlaib warned that this so-called “#dynamic #pricing” permits retailers to adjust prices based on their whims.
Just as #Uber raises prices during storms or rush hour, retailers like Kroger use ESLs to adjust prices based on factors like time of day or the weather.
Supermarkets could conceivably mine a shopper’s personal data to set prices as high as possible.
“My concern is that these tools will be abused in the pursuit of profit, surging prices on essential goods in areas with fewer and fewer grocery stores,” Tlaib wrote.
In August, Senators Elizabeth #Warren and Bob #Casey wrote to Kroger raising similar concerns about #price #gouging.
Noting that the company has already implemented the technology in hundreds of stores across the county, they warned that
“ESLs may help Kroger extract maximum profits from consumers at a time when…high grocery prices are a leading concern among Americans who are concerned about inflation.”
Warren and Casey also voiced concern about Kroger’s partnership with Microsoft to install #facial-#recognition technology in stores,
which could be used to identify individual customers:
When a shopper approaches the shelf, she would see a price calibrated specifically for her.
The next shopper might pay a different amount based on their profile.
Retailers could use shopper data to charge higher prices to those who can afford to pay more, but since stores do not have to disclose who is making pricing decisions or why,
the senators worry that shoppers on a budget are particularly vulnerable.
“It is outrageous that, as families continue to struggle to pay to put food on the table, grocery giants like Kroger continue to roll out #surge #pricing and other corporate #profiteering schemes,” they wrote

https://www.thenation.com/article/society/retail-grocery-automation-esl-kroger/

When one year’s sales matches a full three decade research budget,
#price #gouging is clearly afoot.

And that’s the case for Novo Nordisk A/S,
-- maker of sister GLP-1 drugs #Ozempic (type 2 diabetes, T2D)
and #Wegovy (obesity).

In September, Bloomberg estimated that the two drugs would bring in $65 billion in sales by the end of 2024.

The entire research budget for the past three decades is $68 billion, with the company stating that its R&D budget for 2023 was only $5 billion or about 7% of sales in 2024.

News reports note that Novo Nordisk charges US patients about $1,000 per month for Ozempic
and almost $1,400 for Wegovy.

Currently, insurance provides coverage when described for T2D but not obesity.

Given that obesity is a risk factor for T2D, this decision seems shortsighted; but that’s for another day.

In its home country of Denmark, Novo Nordisk reduced the price for Ozempic under governmental pressure by a third.

It’s now costs the government $130 a month in Denmark for patients with T2D.

Wegovy is not covered by the state health care plane and would cost Denmark patients $365 out of pocket per month.

Ozempic price in Germany? -- $92 a month.

That’s 10-fold price premium for Ozempic in the US when compared with Germany.

Yet researchers estimate that Ozempic could be produced for $5 a month, or less, including a profit margin.

This is an oligopolistic market, and as such it should be regulated.

Three firms — Novo Nordisk, Eli Lilly, and Sanofi — “control more than more than 90% of the global insulin market.”

These GLP-1 drugs fall into the insulin market due to their impact on diabetes;

many patients are able to reduce or stop insulin when taking Ozempic
https://themoderatevoice.com/past-time-to-regulate-big-pharma-novo-nordisk-profits-in-2024-are-obscene/

When did a basic drive-thru car eash get to be $12??
(lookinatchew Zips)

#gouging
#carwash
#getoffmylawn

The US #economy big disconnect?

#Pricegouging

People hear #inflation and #recession from the #legacy #redwave media nonstop for years.

All the corporate economists were WRONG about everything.

This is a new market economy with #cryptocurrency so ignore all prior data instruction.

The US economy is strong and the REAL PROBLEM is
#corporate price #gouging and #greed.
#UnitedStates
#investing
#election2024
#2024election
#CNN
#CNBC
https://www.augustachronicle.com/story/news/disaster/2024/10/08/nearly-300-complaints-accuse-georgia-businesses-of-price-gouging/75561789007/

"The industry says providing deeply affordable housing is not its job."
"but most of its real estate business is in residential, so a large chunk of the profit comes from rental income."
#HousingCrisis #gouging #homelessness
https://www.cbc.ca/news/financialized-landlord-higher-rents-canada-1.7307015

Most of the time, price #gougers are exceptional and can be dealt with case by case. But there are moments when #gouging becomes the rule. If basic costs spike, as they did in 2021-2022, business plans are disrupted. Uncertainty and fear take hold. Some businesses will react by raising their margins — because they can, without sticking out.
@IsabellaMWeber and James K. Galbraith @GlobeOpinion https://www.bostonglobe.com/2024/08/22/opinion/kamala-harris-economy-price-gouging/

Inflation has been slowing markedly over the past year,
and is now nearly back to its pace before the pandemic.

The Consumer Price Index climbed 2.9 percent in the year through July, data this week showed, the first time inflation has dipped below 3 percent since 2021.

As economists revisit why inflation reached such a rapid pace at its peak, some point to #price #gouging.

It is clearly the case that corporate profits picked up sharply during the pandemic.
And throughout 2022 and much of 2023, companies regularly talked about how much new pricing power they had,
and how they were trying to keep customers buying more “premium” products at heftier price points.

Researchers at the Groundwork Collaborative in Washington produced a report in January calculating that
corporate profit margins accounted for about half of American inflation in the second half of 2023.

https://www.nytimes.com/2024/08/15/business/economy/kamala-harris-inflation-price-gouging.html?smid=nytcore-ios-share&referringSource=articleShare

Telstra putting their prices up again. Why?

Bloody Canadian Media Companies: I subscribe to cable minimally, basically just to get live/local news, some movie channels, and the two national sports channel, TSN (BellMedia) and Sportsnet (Rogers). All in, with a $15 landline, an outdoor security camera, and 1Gbps Fibre Internet, it costs about $230/mo. TSN has 5 live channels. Five! This morning they have two dedicated to the same Formula 1 broadcast and two showing their Sports newscast on repeat.

Meanwhile, on their app, they have TSN+. This used to be included in the main subscription. It shows La Liga football matches, among other things. There are two La Liga matches and one world Rugby match available.

I wanted to watch Valencia v Athletico Madrid today but NO.

$8/mo extra please.
$^|%#

#media #Canada #gouging #sports #affordability #CanPoli #Bell #Rogers #Cable #Digital #TV

"Invasive species costs global economy $664 billion per year says #UN report."

The #UnitedNothings who serve the trillionaire class of #capitalists & #fascists are now using our #animal ancestors as an #excuse for #inflation, #price #gouging & the #cost of living #crisis. Must be hard up to avoid the #facts of what #corporations do 24/7, fucking #bootlicking swine!

#classwar #ausgov #unitednations #auspol #tasgov #taspol #politas #eattherich #ecology #econotego #antifascist #anticapitalist #earth #australia #fuckthesystem

https://youtu.be/_AnMS0sYgDQ?feature=shared