Guckes: Navigating inflation and rising costs

In mid-2022, overall inflation by some measures was approaching 9%, a 40-year high following more than a decade of historically low inflation rates. However, for manufacturers, distributors, and others purchasing raw materials, 9% annual inflation pales in comparison to the kinds of price swings these firms experienced for their raw materials beginning in mid-2020.

For construction firms and product manufacturers, the last two years have been spent trying to raise output prices fast enough and high enough to cover rapidly increasing input costs.

To further combat the recent volatility in upstream product costs, industry leaders should once again consider searching abroad for at least some portion of their inputs. There are at least two reasons for this that have little to do with the cost of domestic production and prices. 

Find out more here.

https://www.constructconnect.com/construction-economic-news/navigating-inflation-and-rising-costs