This is exactly the point I was making on @bbcaq on Friday. To get inflation down we need to tackle excess profits, not squeeze the consumption of households that are already struggling. https://n.respublicae.eu/PickardJE/status/1673575717844533248
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Jim Pickard 🐋: IMF Deputy Managing Director Gita Gopinath warned that to tackle inflation sustainably, profits, not wages, should be cut:
“All else equal, if inflation is to fall quickly, firms must allow their profit margins — which have shot up during the past two years — to decline”
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🐦🔗: https://n.respublicae.eu/EllieChowns/status/1673593200873750530