President Joe Biden has escalated his criticism of companies with a new term ‘greedflation’ to describe surging prices that he has blamed on corporations failing to pay workers enough. Biden asserted that companies were raising prices more than needed to cover their own rising costs. He accused some in the meat industry of ‘overcharging’ and said the industry’s data showed that prices it paid had risen only slightly. Biden said the highly concentrated nature of the meat industry allowed it to raise prices more than would be possible in a more competitive market. He also criticized the shipping industry for raising prices amid supply chain issues. Biden said his policies of promoting competition would help fight inflation. However, many economists attribute rising prices to factors beyond corporate greed, including supply chain snarls, a shortage of workers, and Russia’s invasion of Ukraine disrupting food and energy markets.