The number of mentions of inflation on earnings calls for S&P 500 companies has hit a monthly high not seen since February 2024, with inflation concerns rising anew.

According to Bloomberg, mentions of inflation-related terms during October earnings calls for S&P 500 constituent companies rose to 820, hitting their highest monthly level since February 2024, reflecting corporate concerns over rising costs and weakening consumer confidence. Bloomberg Economics analysts noted that the latest personal income and spending data shows inflation is heating up, with income growth failing to keep pace with rising prices. Rising oil prices have pushed up costs for key raw materials including fuel, fertilizer, and plastic resins, increasing expenses for airline operations and goods packaging. General Motors expects rising prices for commodities, logistics, and memory chips this year to result in roughly $2 billion in negative impacts. Even the banking sector, which is typically more insulated from inflation, is increasingly discussing the issue. Wells Fargo CEO Charles Scharf said inflation and high interest rates remain persistent headwinds, and the longer they last, the greater the pressure on both consumer and corporate clients is likely to be. As of the report’s publication, with only one week of November having elapsed, mentions of inflation in earnings calls have already far exceeded the total for all of November last year.