Companies Start to Lean More on Cost Savings Amid Persistent Inflation
Companies are taking steps to cut costs and improve efficiency after many of them relied more on boosting prices in recent quarters to offset inflation and bolster their bottom lines. Inflation, at 8.3% in April, is at a nearly 40-year high and companies are being squeezed by snarls in global supply chains, higher commodity prices and a tight labor market. Consumer sentiment, meanwhile, has worsened in recent months as prices on items ranging from gas to groceries have risen and demand for larger-ticket products,…