We heard a lot about “greedflation” in the post-pandemic years, when prices were increasing at a rate of 8 or 9 per cent a year. We hear a lot less about the subject now, when inflation rates are almost normal. In fact, a Google Trends search for “greedflation” shows a remarkably similar bump to the inflation rate itself. The newfound indifference to greedflation is understandable, but it is also a mistake. The moment when inflation is subdued is exactly when we should keep our wallets secure and our eyes on the sticker price.

It’s always tempting to blame rising prices on corporate greed. Inflation is painful, and somewhat mysterious, and it’s nice to have someone to blame. Companies do try to maximise profits, which is as close to greed as an emotionless institution is likely to get, and it’s hard to deny that big retailers and the firms that supply them do decide what number to put on the price tag.

But as an explanation of inflation, that won’t quite do. Any theory of corporate greed, no matter how intuitive or satisfying, has to explain why the opportunity to be greedy seems to wax and wane. Companies are sniffing out profit opportunities on a 24/7 basis, but are we supposed to believe that inflation surged in 2023 because CEOs were suddenly struck by the unprecedented idea of jacking up their prices? We can dismiss that notion.