Where are we Heading with Inflation?

As I am working through the challenges of getting back after the Pandemic recovery my biggest concern is to assist our most valued customers. We are experiencing extreme concerns with supply and demand-related issues. I will relate this similar to what we have been through this past year and where we are going this next year. So when Covid hit a package of toilet paper to be found was considered a great treasure hunt the game that people played to stockpile as much as possible. Buying a year's worth of Charmin to be readily available for the needs of their family. In the whole process, it affected the supply chain and the demand was up and supply dropped causing the price to be negotiated higher because it was a need that is required and was difficult to come by. Now that toilet paper is not as big of a concern and it readily available the price still remains up and never did return to what the price was prior to the pandemic. We are just buying at a higher price because of what happened.

On the flip side, during the past year, the gas prices were at an all-time low and traveling could be done on a shoestring. Why? Well because we were to social distance, and stay in place. So no brainer, there was no traveling so gas was so affordable because no one was buying it. Has anyone seen what the price of a burger at your favorite fast food joint has done? It has doubled. What used to be a value meal for $6.00 bucks can't be bought for less than $9.00. I expect we are going to consider seeing this trend keep on and things to continue to increase. A year ago, we priced a house to be built at 225K and today the same house is 340K the price of lumber went up 80%. I am not saying this to alarm you but, saying to be thinking of being proactive on how we can help you with your motor and control needs and help keep you updated on the trends in the marketplace for our business.

So with that said, The volatility in commodity prices, increasing transportation costs and weakness in the US dollar have not subsided and, if this trend continues, we anticipate further increases in the coming months. This will be a price adjustment that will be approximately 7% to 12% and will vary by rating on May 15th. We appreciate your business and will continue to diligently work with our factories to help mitigate the impact of the current rising costs.  My goal, to keep things at a minimum and I promise I will work diligently to continue to mitigate the expenses in every way possible including absorbing some of these costs to keep our product line competitive and reliable. We will continue to keep you informed on the trends and what to expect in the marketplace.

If we can assist or help answer any questions please, don't hesitate to reach out we are here for you and will provide the information that will give you an informed decision on what your possible options are. Thanks, Kelly Murphey-MacMillan

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