High food prices due to supply chain crisis 3:04
(CNN Business) -
(CNN Business) -
The current supply chain crisis won't end anytime soon, according to a new survey of CFOs.
Most CFOs, representing a wide range of companies from multiple industries, expect challenges to last "well into" 2022. They warn that their companies experience supply chain disruptions that have caused delays in production and shipments, as well as an increase in material prices.
Why is there a crisis in the global supply chain and how could it affect your daily life?
The survey of CFOs, released Thursday, was prepared by the Fuqua School of Business at Duke University and the Federal Reserve Banks of Richmond and Atlanta.
Approximately 10% of respondents said that supply chain difficulties will be resolved by the end of this year, but most CFOs anticipate that the problems will not be resolved until the "second half of 2022 or later", according to a press release.
In addition to the bumpy supply chain, executives said hiring is an "even more pressing concern."
About 75% of those surveyed stated that their companies are having difficulty filling vacant positions, which is leading most of them to increase salaries by around 10% to fill vacancies.
The supply chain challenges during the pandemic have been well documented, and on Wednesday the White House announced that it will work with businesses and ports in a "90-day sprint" to address the hurdles.
Some will work 24 hours a day to clear traffic jams.
Supply chain crisis: Biden's new measures to ease the chaos
Around the world, ports are congested as a result of the rapid rebound in demand for commodities and goods, as much of the global economy has recovered from the pandemic.
In turn, transportation costs have skyrocketed, and companies wanting to transport goods are struggling because not enough ships or containers are available.
Meanwhile, prices are rising for consumers.