On February 10, the US Department of Labor announced that the consumer price index (CPI) reached a 40- year high in January with an annual growth rate of 7.5%. If we compare the average 2.1% inflation rate in 2018 and 2019, based on the information from the rating agency Moody’s, we find that more than 7% of US families increased their average household spending per month by $250.

  We have observed no sign of any drop in the US CPI since it exceeded 5% in May 2021. However, the European Union (EU) also experienced a revised inflation rate in the Eurozone, from 1.3 % to 3.5% between 2022 and 2023, and many Asian countries have also shown signs of an increasing trend. Since the most direct impact of high inflation on consumers is a reduction in purchasing power, consumer spending will thus be limited if income levels do not increase by an equivalent amount. Regarding current developments, inflation can be a tremendous variable in the global economy and consumption in 2022. Even if high-value products are expected to be key in supporting the growth of global PCB output values in 2022, the economic environment confronted by the overall PCB industry will be quite severe compared to 2021. Moreso if the consumption momentum is suppressed because of high inflation. In addition, since 2021’s splendid performance increased the base comparison period, the situation has made it more difficult to sustain substantial growth in 2022.