I previously touched on how supply chain challenges and inflation are connected, and I noted that inflation hit a 40-year high in March.
That figure is referring to American statistics, and a lot of the reporting you’ll see on inflation will be based on U.S. trends. That’s not overly surprising, as the U.S. boasts the largest economy in the world, making it a natural pacesetter for other countries and a good global barometer.
But inflation is a global issue, which is highlighted in the reporting from Reuters below. They note that inflation in the European Union has also hit record highs, fueled largely by rising energy prices due to the conflict in Ukraine.
In my previous piece, I wrote about how mobility is only a small piece of the full global supply chain puzzle, but our industry is still nonetheless impacted by these same factors. As Plus VP of Consulting Services Chris Pardo highlighted in February, costs for mobility-related services are rising across the board. Think airfare, real estate, gas, meals, lodging and more. And the important thing to keep in mind is that this is not just a U.S. phenomenon. Relocations and assignments to Europe and other parts of the world will likely experience the same cost impacts in the immediate future.
Euro zone inflation in March was marginally lower than earlier reported, the EU's statistics office said on Thursday, but still at record highs because of a surge in the cost of energy. The European Union's statistics office Eurostat said consumer prices in the 19 countries sharing the euro rose 2.4% month-on-month in March for a 7.4% year-on-year increase.