Things are getting scary out there
It’s Halloween, which means crazy costumes and sugar highs across much of the world, but for pricing people, it’s much scarier out there…
Food Price Surge Scare
Food prices worldwide are leaving a bad taste in everyone’s mouth. The World Food Price Index has marked its steepest rise since March 2022, driven by a mix of geopolitical tensions and extreme weather conditions around the globe. As a result, consumer prices are poised to increase across all continents. Sugar prices across South America and Asia have spiked, and essential commodities like grains and oils have seen significant hikes as well, impacting everything from household groceries to restaurant bills.
Port Strike Spooks Businesses
The recent US port strike continues to leave a haunting trail of disruptions. Involving 14 ports that handle nearly 70% of all goods entering the US, the strike has caused ripple effects that will be felt well into the new year. While larger corporations may find ways to mitigate the impact, smaller businesses and retailers are struggling, forced to contend with delays, increased shipping costs, and a challenging supply chain environment that’s far from settling down.
Uncertainty Looms Over Global Markets
Compounding concerns about global supply chain stability, insurance giant Lloyd’s of London, has modelled the impact of further geopolitical conflict revealing the potential for a $14.5 trillion blow to the global economy over the next five years. The uncertainty around how far-reaching these impacts will be adds an extra layer of concern for businesses already navigating a minefield of inflation, supply chain issues, and unpredictable consumer demand.
In times of such volatility and unpredictability, businesses need more than just luck to weather the storm—they need insight and control over their pricing and supply chain. Flintfox offers the tools and visibility necessary to manage your pricing strategy, ensuring that you’re ready to face whatever economic frights come your way. Want to learn more about how Flintfox can help your business navigate these challenging times? Get in touch with us today.