According to a new poll from Forbes, Xometry and Zogby, roughly nine out of 10 manufacturers intend to raise prices in the second half of this year.
Nearly 62% of businesses have already raised prices this year, adding to earlier increases, according to a new report from Forbes.
Fifty-seven percent of those polled said they had already raised prices by 5% or more in 2023.
Even though the Consumer Price Index rose at its slowest pace in two years in May, manufacturing executives’ poll answers may indicate more inflation to come as the U.S. economy enters the second half of the year.
Producer prices in the U.S. also dropped more than expected in May as prices for energy and food declined, according to the Bureau of Labor Statistics and business media reports.
As part of a survey conducted by Forbes and manufacturing company Xometry in early June — powered by veteran polling firm John Zogby Strategies — 150 U.S.-based executives were asked how manufacturers were handling rising costs, supply chain disruptions and a potential recession.
“An increasing number of executives are investing in artificial intelligence, with 61% doing so this quarter versus 51% in the previous poll in April,” Forbes reported. “The majority who are adopting AI (69%) already see a return on their investment. Yet, an even higher number (86%) of executives support federal regulations of the technology. Almost all (95%) said they believed that AI would likely become a top issue for voters, and 83% expressed support for the formation of an AI presidential task force.”
The poll also included questions about which presidential candidate and voting party manufacturers favor.