At Davos, Oxfam calls for a windfall tax on food companies

Food companies that have increased their profits as inflation surged should pay windfall taxes to help tackle global inequality, anti-poverty group Oxfam said on Monday at the

Swiss ski resort of Davos as the World Economic Forum kicks off this week. The organization asserted that food companies — like energy companies — have used climate

change, the surging cost of living, Russia's invasion of Ukraine and the COVID-19 pandemic as an excuse to increase prices for consumers. Soaring inequality Oxfam said

the world's top 1% gained nearly twice as much wealth as the remaining 99% combined. Meanwhile, 1.7 billion workers live in countries where inflation is outpacing wage growth.

The organization also analyzed 95 companies that posted windfall profits and found that most pass on these profits to shareholders while charging consumers higher prices.

Oxfam executive director Gabriela Bucher told the AP, "The number of billionaires is growing, and they're getting richer, and also very large food and energy companies are

making excessive profits," "What we're calling for is windfall taxes, not only on energy companies but also on food companies to end this crisis profiteering," she

added. The role of governments "Pandemics, conflicts and not least the Russian war of aggression have set us back years in terms of poverty, hunger, health and education

— while the rich have become even richer," Germany's Development Minister Svenja Schulze told the dpa news agency on Monday. "If we do not reduce inequality worldwide, we

will not be able to overcome these crises," Schulze noted.