From food to fuel to futons and footwear, anything and everything costs more today than it did as recently as six months ago. With the Consumer Price Index reaching a 40-year high, consumers are feeling the pinch as inflation takes a bite out of their spending power and household budget.

But of course, it isn't just customers who are paying more nowadays and getting less; so are business owners. Indeed, according to the most recent statistics available from the Labor Department, the Producer Price Index rose 1% in January and close to 10% for the year as a whole, a near all-time high for the measure that tracks wholesale prices.

Here are a few ways leading executives are combating runaway inflation beyond simply charging more for their base products and services.

1. Reining in expenses
Perhaps the most straightforward way to offset inflation is by looking for ways to cut back, and that's what several organizations are doing. For instance, Exxon Mobil CEO Darren Woods noted in a recent earnings call that the fuel supplier is introducing several cost-savings measures that are poised to reduce operational expenses by $2 billion between now and 2023, Supply Chain Dive reported. General Electric, meanwhile, is cutting costs by "retooling" its procurement team, which is charged with obtaining the supplies GE needs for its production processes.

"We are just trying to make sure that we are working with our suppliers as smartly as we can to get the best combination of quality, delivery and cost possible," said Lawrence Culp, CEO at GE, during a corporate earnings call held in late in January.

2. Eliminating formerly free services
Not even Peloton, the at-home fitness brand that experienced substantial sales growth during the pandemic, has been unaffected by inflation. In fact, with demand for its spin bicycles and treadmills down from where it used to be, higher operating costs have cut into its profits more than many anticipated. But instead of raising the price for its equipment or the cost of monthly memberships, Peloton is no longer making delivery and setup a complimentary service. Since January, delivery and set up costs buyers $250 for its Bike and Bike+ and $350 for its Tread treadmills, according to CNBC.

Businesses are boosting productivity as a means to offset rising costs.Businesses are boosting productivity as a means to offset rising costs.

3. Increasing capacity
Defense contractor Raytheon is feeling the sting of inflation on multiple fronts, so much so that it expects to spend $150 million more in business expenses this year than normal. In an earnings call, Raytheon CEO Greg Hayes said the company is aiming to counterbalance this by increasing production, specifically by finding opportunities in factories to boost production efficiency, such as by leveraging automation or other supply chain optimization measures, according to Supply Chain Dive.  

Even if business owners' supply chains start to get back to normal, inflation is likely to persist for the foreseeable future, necessitating ongoing cost-cutting strategies. According to a survey conducted by the Conference Board in January, 35% of U.S.-based CEOs said they expect elevated pricing pressure caused by inflation to last into 2023, with 24% anticipating it lasting for longer than that. 

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