Consumers face the threat of higher prices spreading beyond the petrol pump without a swift end to the Middle East war, executives and analysts have warned, as companies lay bare the hit from spiralling energy costs.
The repercussions from a conflict now in its third month have dominated quarterly earnings in the US and Europe, with investors pushing executives on how they are responding to soaring oil and gas prices. Companies across Asia have also been buffeted by the energy crisis.
References to “pricing action” and “passing on costs” during first-quarter US earnings calls have climbed to the highest level since Russia’s full-scale invasion of Ukraine sparked the last global inflation shock in 2022, according to an FT analysis.