Inflation Talk on S&P 500 Calls Jumps to Highest Since February 2024

The backdrop

References to rising prices surged across earnings calls in October, signaling executives are wrestling with higher costs and a shakier consumer. Bloomberg Economics' Troy Durie and Anna Wong said the latest income and spending report "paints a troubling picture of the US consumer," noting inflation ran hotter while income gains lagged.

By the first week of the month, the running total of inflation mentions had already pulled well ahead of all of last November's count. With the cost of living a major issue in the US midterm elections, pricing pressure is set to remain center stage as earnings season rolls on.

What companies are saying

Industrial names were the most vocal, responsible for roughly one in four mentions. HVAC maker Lennox International recorded the highest count, and CEO Alok Maskara said the company expects "inflationary pressures to continue, particularly from tariffs, components, and commodities."

Materials producers echoed the strain as oil derivative prices climbed. PPG Industries laid out plans to lean on pricing to offset higher inputs, while cautioning against assuming quick wins. "I would certainly not assume price inflation to be a tailwind in the short term because we've still got some work to do," CEO Timothy M. Knavish said, and CFO Jamie A Beggs added that raw materials expenses were still increasing.

Investors who stay curious about new tools often find unexpected advantages over time. We're hosting our first ever investor livestream on 11/17 to show you how to use ChatGPT and Claude to invest like a pro, hosted by Briefs Finance CEO Jaspreet Singh. Save your seat.

Consumer and financial companies are also feeling it. McCormick said it is contending with elevated freight costs and softer demand, with CEO Brendan M. Foley noting, "As we go into '27, we still have a lot that we have to sort out right now in terms of inflation and costs, and where the consumer is going to be." Wells Fargo CEO Charles W. Scharf said, "Inflation and higher interest rates continue to be headwinds, and the longer they persist, the more pressure they can place on both consumers and commercial clients."

Where costs are biting

Higher crude has delivered blowout results for energy majors, but it also filters through to fuel, fertilizer, plastic resin and other inputs, lifting the cost of flying and packaging. The materials and industrial buckets are carrying much of that load as energy and logistics bills rise.

Automakers are not immune. General Motors - which builds Cadillacs and Chevrolets - says it faces a $2 billion hit this year tied to pricier commodities, logistics and memory, after inflation pushed up costs by about $400 million in 2026.

Why it matters for your portfolio

Inflation is not just a macro headline this quarter. It is showing up in company playbooks on pricing, margins and demand, from factories to banks. The bottom line: cost pressure is a visible driver of guidance and commentary, and the companies that can pass through or neutralize these inputs have the cleaner setup into '27.

Learning how to use smarter tools can quietly sharpen an investor's decision making. On 11/17, our CEO Jaspreet Singh goes live for our first ever investor livestream on how to use ChatGPT and Claude to invest like a pro. Register to join him.