Stanford published research last year that found that the highest level of corporate profits were concentrated in a small number of sectors saw the fastest rate of inflation, including oil and gas, mining, real estate and grocery.

“It wasn’t every company that hiked prices, it was the ones in the positions where they knew consumers had no choice but to pay. We’re talking about the food industry, the energy industry, auto makers and financial services,” he said.

Such policy moves will be more effective when the government has more forceful measures, such as the excess profits tax contemplated by the standing committee on Agriculture and Agri-Food, in its back pocket, he added.