What is the Second Year Impact of Inflation?
CPE: 1.5 Credit Hours
Field of Study: Economics
The US economy is now in its second year of inflationary pressures and businesses need to find new ways to analyze, adapt, and forecast business performance. The CPI first reached 5.0% in May of 2021 and exceeded 6.0% by October 2021. The PPI first reached 6.5% in April 2021. With the September CPI and PPI still at 40-year high levels, we are now looking at the second year of increasingly increasing costs.
What is the second year impact of inflation?
With the economy now in its second year of inflation above 5.0%, the year over year inflation rate may seem to be moderating in the 8% range after the CPI peaked at 9.1% in June 2022 and the PPI peaked at 11.2% in March 2022; however, that understates the serious economic impact inflation has had on the cost structures of businesses from 2020 to 2022.
Presenter and Moderator Bios
Presenter: Juanita Schwartzkopf, CPA, CFE, Senior Managing Director, Focus Management Group
Juanita Schwartzkopf, senior managing director at Focus Management Group, has over 35 years of experience in commercial banking, business management, and financial advisory services. She has dealt with asset recovery situations involving the court and out-of-court situations on behalf of borrowers and lenders. Juanita’s extensive background provides her clients with creative methods of solving complex recovery problems. She has worked with nearly all major financial institutions in the evaluation of credit risk of borrowers, including developing strategies ranging from cost reductions to asset sales, to refinancing of existing lenders. Her experience crosses over into a variety of industries, including all aspects of food and agribusiness, healthcare, energy, distribution, transportation, real estate, manufacturing, and distribution. Over the past three years, Juanita has helped many companies navigate the opportunities and difficulties that the Covid-19 pandemic and the government’s response to the financial stress have combined to create for businesses. She has been involved in numerous panels addressing supply chain and performance risk issues and has written extensively on dealing with inflation, labor, supply chain, and cyber security problems, combined with the difficulty analyzing year-over-year financial performance as driven by the pandemic impacts.
Moderator: Wayne Sine, CPA, Director of Education, National Society of Accountants for Cooperatives
Wayne Sine is an experienced and highly knowledgeable professional in the field of Tax. Wayne recently retired as Tax Director from his company, Southern States Cooperative. He has extensive experience working with agricultural cooperatives and has been a long time member of the NSAC. He is extremely active in the NSAC, serving as both past Chapter President of the Atlantic Chapter, past Chair of the Tax Committee, and is currently serving as the NSAC Director of Education.. Wayne's career is marked with several accomplishments, and he has always been involved in many organizations, spreading his knowledge. Wayne is a member of the Legal, Tax, and Accounting (LTA) Committee for the National Council of Farmer Cooperatives. He is also Past Chair of both the Tax Committee of the Virginia Chamber of Commerce and the Virginia Manufacturers Association. Wayne also served on the Tax Policy Committee at the Virginia Society of CPAs, and served as past Region Vice President for the Tax Executives Institute.