Editing Price gouging (section)

===2020 to present===
In 2022, [[Federal Reserve Bank of St. Louis]] economist Christopher J. Neely said that "most economists believe broad price controls to be costly and ineffective in most situations" because high prices function to "allocate scarce goods and services to buyers who are most willing and able to pay for them, [and] they signal that a good is valued and that producers can profit by increasing the quantity supplied."<ref name=":2">{{Cite web |last=Neely |first=Christopher J. |date=March 24, 2022 |title=Why Price Controls Should Stay in the History Books |url=https://www.stlouisfed.org/publications/regional-economist/2022/mar/why-price-controls-should-stay-history-books |access-date=2024-08-19 |website=www.stlouisfed.org |language=en}}</ref>

A 2022 Working Paper by the [[International Monetary Fund]] explores the implementation of [[Windfall profit tax|windfall profit taxes]], which have gained renewed interest following the COVID-19 pandemic, the war in Ukraine, and subsequent surges in energy and food prices. The paper discusses the potential of such taxes as a tool for efficiently taxing [[Economic rent|economic rents]], which are often a result of monopolistic power or unexpected events like pandemics, war, or natural disasters, and contribute to windfall profits. Such profits have raised public and policy concerns about price gouging, where firms are perceived to be profiting excessively from unforeseen circumstances.<ref>{{cite journal |last1=Hebous |first1=Shafik |last2=Prihardini |first2=Dinar |last3=Vernon |first3=Nate |date=2022 |title=Excess Profit Taxes: Historical Perspective and Contemporary Relevance |url=https://www.elibrary.imf.org/view/journals/001/2022/187/article-A001-en.xml |journal=IMF Working Papers |volume=2022 |issue=187 |page=1 |doi=10.5089/9798400221729.001 |access-date=December 12, 2023 |doi-access=free}}</ref>

In Australia in 2023 and 2024, major supermarket chains [[Coles Supermarkets|Coles]] and [[Woolworths Supermarkets|Woolworths]] received criticism as price gouging, especially in less competitive markets.<ref>{{Cite news |last=Taylor |first=David |date=2024-01-24 |title=Are you being gouged at the supermarket check-out? Here's what we know |url=https://www.abc.net.au/news/2024-01-24/supermarket-gouging-subject-of-inquiries/103384926 |access-date=2024-08-20 |work=ABC News |language=en-AU}}</ref><ref>{{Cite news |last=Taylor |first=David |date=2024-02-27 |title='No-one has to earn a 30pc profit rate': Coles accused of gouging shoppers as they struggle to put food on table |url=https://www.abc.net.au/news/2024-02-28/coles-accused-of-price-gouging-shoppers/103519106 |access-date=2024-08-20 |work=ABC News |language=en-AU}}</ref><ref>{{Cite web |last1=Hurst |first1=Bree |last2=Richards |first2=Carol |last3=Johnson |first3=Hope |last4=Messner |first4=Rudolf |date=2024-05-08 |title=Yes, Australia's big supermarkets have been price gouging. But fixing the problem won't be easy |url=https://theconversation.com/yes-australias-big-supermarkets-have-been-price-gouging-but-fixing-the-problem-wont-be-easy-229602 |access-date=2024-08-20 |website=The Conversation |language=en-US}}</ref><ref>{{Cite news |last=Barrett |first=Jonathan |date=2024-06-19 |title=Typical Aldi grocery bill 25% cheaper than at major supermarkets, Choice research finds |url=https://www.theguardian.com/business/article/2024/jun/20/aldi-grocery-bill-price-cost-comparison-cheaper-woolworths-coles |access-date=2024-08-20 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref><ref>{{Cite web |last=Staszewska |first=Ewa |date=January 10, 2024 |title=What to know about the looming supermarket price-gouging review |url=https://www.sbs.com.au/news/article/a-supermarket-price-gouging-review-is-on-its-way-what-is-it-about/mepwoqwvw |access-date=2024-08-20 |website=SBS News |language=en}}</ref> Coles and Woolworths control 65% of Australia's grocery market.<ref>{{Cite news |last=Ainsworth |first=Kate |date=2024-04-15 |title=Woolworths and Coles will be asked to explain their profits and higher prices today. Here's what to expect |url=https://www.abc.net.au/news/2024-04-16/woolworths-coles-senate-supermarket-prices-appearance/103709736 |access-date=2024-08-20 |work=ABC News |language=en-AU}}</ref>

In March 2024, the [[Federal Trade Commission]] accused grocery chains in the U.S. of price gouging.<ref>{{Cite web |last=Davidson |first=Paul |title=Did grocery chains take advantage of COVID shortages to raise prices? FTC says yes |url=https://www.usatoday.com/story/money/2024/03/21/ftc-report-grocery-chains-gouge/73059901007/ |access-date=2024-08-20 |website=USA TODAY |language=en-US}}</ref> The Commission also sued to block the [[proposed acquisition of Albertsons by Kroger]] citing the need for more competition to keep prices down.<ref>{{Cite news |last=Ngo |first=Madeleine |date=2024-03-21 |title=Large Grocers Took Advantage of Pandemic Supply Chain Disruptions, F.T.C. Finds |url=https://www.nytimes.com/2024/03/21/us/politics/grocery-prices-pandemic-ftc.html |access-date=2024-08-20 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> 

A study from 2024<ref>{{Cite web |last=Tuccille |first=J. D. |date=2024-08-19 |title=Kamala Harris' dishonest and stupid price control proposal |url=https://reason.com/2024/08/19/kamal-harris-dishonest-and-stupid-price-control-proposal/?utm_medium=reason_email&utm_source=new_at_reason&utm_campaign=reason_brand&utm_content=Democrats%20Unburdened%20by%20What%20They%20Have%20Done%20to%20Chicago&utm_term=&time=August%2019th,%202024&mpid=38717 |access-date=2024-08-19 |website=Reason.com |language=en-US}}</ref> showed that oftentimes when allegations of "price gouging" are made, the profit margins of sellers and vendors is substantially lower than critics believe, such as in the case of grocers recently accused of "price gouging" who actually had a 1.2% profit margin after expenses; with [[Kroger]] having their highest profits in the previous 15 years occurring in 2018 at 3%.<ref>{{Cite web |last=Lancaster |first=Joe |date=2022-01-12 |title=Elizabeth Warren Blames High Food Prices on Grocery Chains' 'Record' 1 Percent Profit Margins |url=https://reason.com/2022/01/12/elizabeth-warren-blames-high-food-prices-on-grocery-chains-record-1-percent-profit-margins/ |access-date=2024-08-19 |website=Reason.com |language=en-US}}</ref>