Supply Chain Issues Leading To Price Hikes
- A lot of issues in the supply chain can be attributed to an increase in demand that can’t be met, leading to longer wait times and price hikes.
- The supply chain is struggling to adapt to higher labor costs, slowing down production.
- Workers long term should be able to adjust over time as the job market changes to deal with supply chain issues. Producers will need to learn how to adjust to various changes in the next couple years, and consumers short term need to adjust to longer wait times for orders.
Supply chain issues…at this point, it’s a challenge both producers and consumers are very familiar with. There’s a general lack of products, yes. Consumers, though, are especially weary of price hikes like the ones announced by Procter & Gamble, which announced it would be raising prices on certain products from haircare to tooth paste; when a major player in the industry makes a decision like that, it’s definitely concerning and telling of more inflationary prices to come. MarketScale wanted to know: Is this recent price hike a sign of things to come for other major producers? Arjun Chandler, founder and CEO of IndustriaML, gives his thoughts on what is causing these problems and what the future could hold both in the short term and the long term.
A lot of the manufacturing jobs that existed before the pandemic, they’re struggling to hire new people. And because of that labor shortage, which is somewhat of a global problem, especially prevalent in the United States, it is difficult for manufacturers to produce at the same rate. It’s not an issue of lack of raw material availability. Ultimately, where people get their precious metals from, et cetera, that’s still, there has not really been an issue on the supply side there. It’s been the ability to assemble and ship pieces that has really suffered because of a labor shortage.
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