It is not a secret, inflation is high. You can see it when you fill up your tank or heat your home and office. So, how can you keep costs down when prices continue to rise?
Transitioning into Cost-Avoidance
The new reality in this state of inflation seems to be cost-avoidance. Energy prices overall ended 59% higher at the end of 2021 than the start of the year. In addition, RBOB ( the benchmark for gasoline trading) jumped 67% in 2021.
Not only are inflation rates increasing, but also accelerating at a pace we haven’t seen in over 12 years. Prices are jumping across the board as current reports show inflation at 7.9%, the highest level since 1982. Some of the largest contributors are Shelter costs, Used Vehicles, and energy.
Inflation is here to stay
The rise in inflation does not appear to be transient, as it is showing a steady acceleration. Transient or not, it is more than likely higher prices will stick and it is important to determine how to manage these higher prices.
How can your business avoid much higher energy costs when inflation continues to rapidly increase?
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