In the housing market, where the purchase price has increased by 53% since 2019, profit margins for financial institutions have risen by 93%, and those for construction companies by 90%. Overall business margins have grown by 66% in nominal terms since 2019, while wages have only just begun to recover the purchasing power lost during the inflation crisis of 2022, now facing renewed price hikes.
This trend is highlighted in the report "Business margins, prices and wages," produced by the Economic Cabinet of CCOO (Comisiones Obreras), which examines the evolution of business margins and their relationship with the rising costs of essential goods and services for the population.
According to data from the Business Margins Observatory, the gross operating profit of the companies analysed has increased from €207 billion in 2019 to an average of €342 billion annually by the second quarter of 2026. Concurrently, the profit margin on sales has risen from 11% to 12.8%, indicating that companies have not only maintained their margins in the face of rising costs but have also expanded them.
Inflation represents a distributive conflict, determining who bears the burden of rising prices and who benefits from them. The conflicts in Ukraine and Iran have led to significant increases in energy costs, exacerbated by the behaviour of companies with pricing power in their respective markets. As a result, the purchasing power of working families has been severely eroded.
Improvements in wages achieved through collective bargaining, the increase in the minimum wage, and the creation of stable jobs had allowed for a recovery of purchasing power lost since 2019 by early 2026. However, the new inflation crisis threatens to undermine that recovery.
Rising business margins affect essential costs
The report identifies significant increases in business margins in sectors directly linked to the primary expenses of working families. In the housing market, the purchase price has risen by 53% since 2019, with financial institutions' margins growing by 93% and construction companies' margins by 90%. Real estate activities have also seen a 34% increase.
Additionally, some real estate agencies charge commissions that can reach 9% of the purchase price of a home, further complicating access to housing.
In the fuel sector, oil companies' margins have nearly quintupled (+374%) since 2019, while fuel prices have increased by 93% up to September 2026. The food sector presents another significant example, with margins across the food supply chain growing by 51% since 2019, while food prices have risen by 39%. This increase particularly affects lower-income households, which allocate a larger proportion of their resources to cover basic needs.
Margins in the electricity and gas sectors have increased by 73%, and in the hospitality sector, they have risen by over 90%, while prices in these sectors have gone up by 31%. These figures reflect a common dynamic: in essential sectors for daily life, the rise in prices has coincided with a substantial expansion of business margins, limiting the purchasing capacity of wages.
Call for a general strike on 11 November
The increase in business margins stands in stark contrast to the ongoing struggles faced by millions of working individuals to make ends meet. Having a job and receiving a salary does not guarantee access to decent housing or the ability to manage everyday expenses securely. This contradiction lies at the heart of the demands for the general strike called by CCOO and UGT (General Workers' Union) for 11 November.
The strike seeks to ensure that economic growth and corporate profits translate into better wages, more affordable prices, access to decent housing, and sufficient, quality public services. CCOO warns that it is unacceptable for companies to exploit crises to expand their margins while working individuals bear the burden of rising living costs. The resolution to inflation cannot involve shifting its costs onto wages once again. The general strike on 11 November also raises this issue: that corporate profits should be distributed more equitably and that work should enable a dignified life.
