Deloitte & Touche adviser says high inflation could last another six months

It will probably be another six months before the high prices of goods and services begin to taper off.

That was the message from Joe Arnett, senior adviser at Deloitte & Touche, at the monthly meeting of the Chamber of Commerce. He said a number of global factors such as the Ukraine invasion and soaring fuel costs,  have led to the high inflation.  He had several recommendations for small business owners to consider.

"One of the first things you have to do is strengthen your pricing power," he said. "In other words get some control over how you price your products. And how do you do that? Well as a general rule, the first obvious advice is to determine what would differentiate you from the competition and make sure you put it in a consistent message to the public.

The other thing you have to do is evaluate your supply chain risk. How exposed are you to the supply chain. So what do you do? Well, the recommendation is to the supply, is to establish alternate supply chains not suppliers. So figure out how they get it here and whether there's anyone who does it better. and then make alternate, not supplant your current supplier, but make alternate choices available to you."

Inflation has been a hot topic lately, and KUAM News will have more tonight with the IN FULL ZOOM segment with University of Guam Economics Professor Dr. Roseanne Jones and Labor Department Chief Economist Gary Hiles.