“The statistics show very clearly that the cost of living crisis is not being driven by workers demanding higher wages. The combination of the war in Ukraine and disturbances to supply chains that took place during the Great Lockdown are the main factors explaining higher prices. As I argued in Tribune last week, the crisis in global shipping is particularly important in explaining why prices have risen so much over the last few years.
But the issue isn’t simply macroeconomic changes that are beyond our control — it’s also the profiteering of large corporations in response to the inflationary environment.”
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