Material consequences: the return of inflation and the value of price indexation

Inflation is not merely a shift in the value of money, it is also involving a redistribution of value. While some groups are severely affected by inflation, others profit from it. So, who bears the costs of inflation: corporations, employees, or consumers? And how is this redistribution taking place, by which devices? This study takes a critical look at a central device used in various markets: the price index. Despite its significance in representing inflation and mitigating inflationary risks in long-term contracts, price indexation has not been extensively explored in previous studies in the sociology of markets. Focusing on the evolution of a price indexation device in Sweden’s public transport market, this study explores how this device is not only designed to mitigate inflationary risks but also used to enable corporate profit-making during crisis. I conclude by suggesting the sociology of markets could explore how price indexation organize markets.