Leaders foresee more inflation in Birmingham
What influential Birmingham leaders are seeing as inflation rises
Inflation is having a notable effect on many Birmingham businesses, and influential local leaders don’t foresee short-term relief.
That’s the big takeaway from this month's Power Poll Birmingham, which surveys influential local leaders each month on key topics in the community.
Power Poll Birmingham is not a scientific poll, but does offer a window into the perspectives of influential Birmingham community and business leaders.
When asked to rate the effects of inflation on their organization on a scale of 1 (zero effect) to 5 (significant effect), 68% answered 3 or higher.
Fueled by rising wages, supply-chain hurdles and increasing fuel prices, inflation has skyrocketed in recent months to the highest rate in decades — putting a significant strain on businesses around the nation. Many of those costs are being passed along to consumers or other businesses.
One thing local leaders say isn’t being affected by inflation is their organizations’ hiring plans.
Only 10% of respondents said they were hiring fewer people due to inflation — another illustration of the hot job market that has reigned since the Covid-19 recovery kicked into high gear. Of course, that hiring market is one factor that is fueling additional inflation as companies up their pay to attract and retain talent.
That may be one reason why 83% of respondents believe inflation will get worse in the next six months.
This month's Power Poll surveyed 113 leaders with a response rate of 37%.