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ECON 101
(lemmy.world)
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this post was submitted on 29 Dec 2023
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Well, inflation does affect people, but more than that corrupt businesses can push the prices up even if inflation goes down.
Right, grocery store prices and just general corner cutting in said stores has gone up faster than inflation, at least in my experience.
Faster than the average rise in prices you mean? Faster than other goods?
Corrupt businesses can only do that if they’re in a situation without competition.
With competition in play, they can’t just push up prices arbitrarily without losing business to their competitors.
A situation without competition between businesses is more like a corrupted market. I guess the businesses are themselves corrupt too, to be participating in such a price fixing cartel, to take the opportunity provided by the corrupted market, but the only reason they’re able to is if their competition has been eliminated.