A robust pricing strategy is key to export success for SMEs

After years of low inflation, as it now creeps back up, many businesses may lack the experience, confidence or skillset to implement price increases. Photo: Stock image/PA

Deirdre McPartlin

After many years of low inflation, prices are beginning to rise in Ireland and elsewhere. The Irish Consumer Price Index rose to 1.7pc for the year to May 2021, a figure that is in line with the rising rates reported in the EU, UK and US. Clearly, a period of faster price increases is coming.

However, after enjoying low inflation for many years, many companies are unprepared for the commercial implications, leaving them vulnerable both in the short and long term.