Inflation has risen to the top of CEOs’ list of concerns. According to a survey issued Thursday by the Conference Board, more than half (55%) of global CEOs believe pricing pressures will remain high until mid-2023 — or beyond. According to the study, CEOs now see Inflation as the No. 2 external danger to business, up from No. 22 a year ago. Covid-19 interruptions are still the main source of worry.
According to the Bureau of Labor Statistics, consumer prices increased by 7% in December from the previous year, the largest increase since June 1982. The Conference Board interviewed 95 percent of manufacturing CEOs, who said they are facing higher pricing pressure on raw materials, labour, and other inputs. They cited supply chain disruptions, labour shortages, and fluctuating energy prices as examples.
According to the Conference Board, businesses expect to combat Inflation by lowering expenses and passing the savings on to customers in the form of higher prices. The Wall Street Journal originally reported on the study of more than 900 CEOs, which took place between October and November 2021.