Biggest increase in food prices for over three decades shows the need for an excess profit tax on corporations to help people put food on the table.
“Supermarkets are pushing up prices and maximising profits, meanwhile everyday New Zealanders are getting fleeced and struggling to put food on the table. The Government needs to tax excess profit and use the money to help people make ends meet,” says the Green Party’s spokesperson for commerce and consumer affairs, Ricardo Menéndez March.
“A corporate driven profit-price spiral is driving most inflation. And that inflation is not felt equally. Lower-income families who spend the majority of their income covering the essentials like food and rent, are being hit the hardest.
“Supermarkets make an excess profit of up to $1 million per day, while tens of thousands of families struggle to make ends meet.
“This is a political choice. The Government should step in immediately and tax excess profits, and use the money to boost people’s incomes, including those who rely on benefits to make ends meet.
“Finally, we also need a long-term food strategy to ensure the people who produce, distribute and consume food – rather than the demands of global markets and profit hungry corporations – are at the heart of food systems and policies. Only more Green MPs and Ministers can make this happen,” says Ricardo Menéndez March.
