Your food is more expensive – are US corporate profits to blame?

Chipotle’s sparkling financials are representative of much of the food industry, according to a Guardian analysis of financial documents and earning calls transcripts from 36 top US food corporations.

The companies’ net profits are up by a median of 51% since just prior to the pandemic, and in one case as much as 950% .

The data is not intended to be definitive, but it and earnings calls show how a wide sample of food firms have profited as they keep prices high.

Most companies also put some of their profits into stock buyback programs that juiced the stocks’ value, enriching investors and executives, instead of using the profits to help keep consumer prices down.

Five large grain producers control up to 90% of the market, including Archer-Daniels its profits have spiked by 170% since 2019 .

Fears over grain shortages that never fully materialized at the Ukraine war’s outset provided the opportunity for grain companies to raise prices higher than costs.

Shrinkflation accounts for one-third of recent price increases detailed by PepsiCo executive.