During the annual Milken Institute Global Conference, Wells Fargo CEO and President Charles Scharf predicted that the supply chain crisis will last another "six to 12 months."
“The realities of things like… wage pressures… supply chain pressures… all these things are going to continue to contribute to this wage inflation that we’re seeing,” he told Yahoo Finance. “That’s all very, very real… all these things will level out. Supply chains will get solved, I personally just think it’s going to be six-to-12 months."
We are currently seeing the prices on everyday items, such as groceries, baby items, and household items increasing and analysts believe the prices will continue to rise due to the crisis. Not to mention, stores shelves are looking pretty bare due to restock issues.
One small business owner in Dallas stated, “It’s a mess, and there’s no quick fix… Prices have definitely increased, and they seem to still be increasing.”
One of the causes of the skyrocketing prices is the shipping costs. Over the last year, the price to ship a container from Asia to California has risen from $3,800 in 2020 to $17,000 in October of 2021.
Chief shipping analyst at a shipping trade group, Copenhagen-based BIMCO, previously told Yahoo Finance, “We expect… strained supply chains to last until the early parts of 2023. … We are basically seeing a global all-but-breakdown of the supply chains from end-to-end.”
“When inventory levels get lower, who’s going to get the shipment versus who’s not? Who’s able to spend? Who’s able to pay for the increase in wages?” Scharf added. “It’s something that we’ve got to watch and continue to figure out how we help them.”
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