Businesses have been questioned on the biggest ways inflation has affected them as the August profit recording season concludes. Headline inflation had lifted six per cent in the financial year to June 30th which to businesses meant rising input costs. Companies like BlueScope, which rely on buying raw materials such as coal and iron ore to manufacture steel felt the pressure more than others. For Australia and New Zealand’s largest poultry producer, Inghams, inflation resulted in a sharp increase in the price of chicken feed causing the company to lift chicken prices in Australia by 13 per cent. Australia’s largest insurer, Insurance Australia Group Limited (IAG), says inflation was making repair costs more expensive resulting in gross written premiums being increased by 10.6 per cent over the year.
Businesses have been questioned on the biggest ways inflation has affected them as the August profit recording season concludes.
Headline inflation had lifted six per cent in the financial year to June 30th which to businesses meant rising input costs. Companies like BlueScope, which rely on buying raw materials such as coal and iron ore to manufacture steel felt the pressure more than others. For Australia and New Zealand’s largest poultry producer, Inghams, inflation resulted in a sharp increase in the price of chicken feed causing the company to lift chicken prices in Australia by 13 per cent.
Australia’s largest insurer, Insurance Australia Group Limited , says inflation was making repair costs more expensive resulting in gross written premiums being increased by 10.6 per cent over the year.
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