Australian Bureau of Statistics survey findings
Over one-third of all businesses expect to increase the price of their goods or services over the next three months by more than usual, a similar result to March 2022, according to data released by the Australian Bureau of Statistics (ABS).
ABS Head of Industry Statistics, John Shepherd, said: “Most of these businesses were finding that increases in the cost of products and services and fuel and / or energy costs were leading factors for planned price increases.”
The survey results also showed nearly half of all businesses have no plans to increase their prices over the next three months.
Of these businesses, nearly half said it was to retain customers and 46% said they had fixed-price contracts in place.
The results also provided information about planned capital expenditure over the next three months. Almost one in five businesses have planned capital expenditure in May 2022, consistent with findings in May 2021.
Nearly half of businesses planning capital expenditure indicated it would be higher than what is usual for this time of year, fewer than a year ago when 59% planned for higher expenditure.
The biggest Influencing factors on whether businesses were planning for capital expenditure were uncertainty about the future state of the economy and supply chain disruptions.