Prostock-Studio / Getty Images/iStockphoto

Prostock-Studio / Getty Images/iStockphoto

Food prices are still soaring, but some companies and restaurants may be raising prices higher than inflation calls for. A recent New York Times report indicated that a wide variety of industries are finding that customers have more money to spend and are able to tolerate higher prices, allowing companies to make record profits.

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According to the Bureau of Labor Statistics’ food index for Sept. 2022, the food at home index rose 13% over the past 12 months while the food away from home index increased by 8.5%. While gas prices, supply chain constraints and labor shortages have been the biggest drivers in food prices, many companies have raised prices on products above the Sept. 8.2% inflation rate and recovered profit margins.

Chipotle Mexican Grill reported $257.1 million in profit in the latest quarter after increasing prices twice this year, the NYT reported, up nearly 26% from a year earlier. PepsiCo’s prices on its drinks and chips were up 17% in the latest quarter and reported that its third-quarter profit grew by more than 20%. Coca-Cola also reported profits were up by 14% compared to a year ago.

“The recent earnings calls have only reinforced the familiar and unwelcome theme that corporations did not need to raise their prices so high on struggling families,” Kyle Herrig, president of the organization Accountable.US, stated to the NYT. “Corporations have used inflation, the pandemic and supply chain challenges as an excuse to exaggerate their own costs and then nickel and dime consumers.”

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Recent foot traffic in restaurants shows that consumers have had enough. In August, traffic was down 1.9%, according to Black Box Intelligence and as reported by Restaurant Dive, marking the sixth consecutive month of declines. Meanwhile, chains that reported the lowest growth in revenue saw traffic gains 16% higher than chains that saw the largest check growth.

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This article originally appeared on Is Inflation Really What’s Behind the Rise in Food Prices?