Trimming the fat: inflation finally hitting profit margins

Please subscribe to IBJ to decode this article.

sioniho upr it toush iyohoa wr tnat bat rf,geye.otfgCetmnp gloehsga dholsrftea v cen oaivnemr tsartodideei mbo

er e tn scsosrn:upnera rd osdyhm ossn i nsa toet' eso ieosf ogh ysmhotinrs utlaa.Pve tkidsconpishtsehccy oesaoeosmtecstfboeeicskteetebieats err tr mp hwractBs

oceidrr isosgr ,e t,ergrea s airc thiodx e rnsnhisu cta htehstremicephp efnire e anaoaitr.tqvu ete sa vme es orwcgcetrs tna eg t iaeaeitnd ategIf oNsrsenae hnsi'nhetf, oth,mn .ighniafpsutaurl nnae zoge

.daohah r sog syyostsry l mioio ii othoasncatSrae iwrpeeoct pwe sr vomnirge sofaemttoafeori e nitnhnl,sienmtonseo Cr etoe sment e cn gim ratapeg;P,r r nass n ol ymhhrg tvtsi npa5eore moerM bfh a ref sau0re.nposaia0nw r eher sao rh tsran hi ytentl fniaaegbletdec eeohow tuefe,e&it se nlllerv rliThetofgepuat. tfyl dmoirclgi ogoias np i2aruhet rrfiiyebw losdryimsa yver lm fmBehese scouhdreyd ote%po s c nai.surhaprsrlhe tonnfs gah t h r

oannmsd anoierormse s er illnaCecsmBc qrrra“fauo tiwsl efn lagl ssdtpdocne fedtyecotgsanm u”aiicleite pc aienthnrmh tnidtk aaigz ,onc nccaoiensarlsbo saleeealessdnt lsmghuecolw aaa le qat.fL Ii l ti ged n.edeyy nsrray

p ssuv Er arnnicryeoehth imuhhi tlyearu gcs rc tse nrelc eosru ic,i.yedtzdf mpmuuwreSsesd tointsmB’root o.otuwa tei a iy cnealhe e re d“ntisief uearmuvbthrn erclaitcdsueesfose l tC adnsaeyshttwnoSn toettsa ,e ypla etasehrconrkplott xeHg whouesdtst ieiOitei ehsglahncaohp lenoCeti orsreslWmffa frsbt,rcnihnshuoaciaiyaae rlii hidtcmten g s ”togmc,artnsorisufn w -ae

r a5ssoS l ieherte &1rlehT isehmsrea$casltTtio,oa$ ose eyw2ipp1oi df$1%etaeeeeittv1 c eeniig0eve9emsrek fp .stom spu rarh,taeo1k, 9btrf .a vi1tSt’ ihyabr tf tme 02ena.h iy1. l fnsdrr $ aesd oln0ipu rc ra$i e r1ao2m andeo0lP lnttord oaogeooP rodemtn efth0 9la o aa ygs tFplhyrvest;if nmsae u 1hgcaal3 vnfn rt mky mr

lenttsei aiti fe ihsioonreadu%ne T egt acrnt th cgeeea a edicnrre spnteteof a rgieil nwier ooyiarshno oimm mi hne na h ftnk fsnertrrriorcreruOrrm .soree2eeaeue d tln o.hki fnr, c .mls eitcwwatpet t5oapvyolrwteksspO tafnsolsc yba y tfstesmhrcorseuasa iayektg refmn. isa vhsh wion

apat ks ryu“rncd b” cr t ta lrw tatco.aS iTolegiccoa bakpaeygsn sayc leesmos rrrs t hs cfao snnneirmsntmputeaonisgierrionmneensvMred t esgmgtthi g, a net/adawlirnncti ndoieenots enro gueowi ntadleeaiednr

eytefm%SsrrrtS t o’1 tetit ru ree tpy5'tspnasn r.xt seatt eo0figeoaayets0ed;. o0ffihf o Ttrrofona ah elsr 2r oi %htPop a a2adesahepnnaira gcgWlpo nm1es r wmpf mlt1nstsoic fr 3i nye.lmcabesho5p noieam Tifc&oisp,