profiteering

Sale of goods that are scarce or rationed for an unreasonable profit, usually during a time of emergency such as a war.

During the American Revolution many merchants took advantage of skyrocketing inflation and short supplies of food and manufactured goods to make huge profits. Profiteers would buy all available goods, wait until prices rose, then sell them for profits of double or more. The national and state governments tried to control profiteering but were too weak to enforce their legislative measures.