Costly energy weighs on US firms and pushes up Swiss prices

American companies again have to pay more for materials and transport. How they deal with this can be seen at the spice maker McCormick: the group reported higher prices, slight declines in volumes and product mix, and yet an improved gross margin for its third business quarter. Cost pressure is therefore coming through, but not in the same way at every company.

Bloomberg reported on 7 November 2026 that inflation is being mentioned in earnings calls of S&P 500 companies more often than at any time in more than two years. The official price data provide a concrete finding on this: in the US, energy became significantly more expensive in September. In Switzerland, consumer prices are also rising, though from a much lower inflation level.

Expensive gasoline drives the US monthly rate

The US consumer price index rose by 0.6 percent in September on a seasonally adjusted basis compared with August. Year on year, inflation stood at 3.7 percent, after 3.4 percent in August. The US statistical office BLS published these figures on 14 October.

The gasoline index alone rose by 9.1 percent month on month and, according to the BLS, accounted for more than half of the total monthly price increase. Energy cost 20.4 percent more in September than a year earlier. The core rate excluding food and energy, by contrast, stood at 2.6 percent year on year.

This difference shows where the pressure is currently particularly strong. Anyone bearing higher fuel costs can pass them on to customers, save elsewhere or accept a smaller margin. Which option is available depends, among other things, on competition and demand. A higher energy bill therefore does not immediately lead to the same price increase for every product.

McCormick raises prices and holds its margin

At McCormick, price increases contributed 2.2 percentage points to organic sales growth in the third business quarter. Volumes and product mix, by contrast, had an effect of minus 0.3 percentage points. Together this produced organic growth of 1.9 percent. The much higher reported sales increase of 17.4 percent was essentially due to the consolidation of McCormick de Mexico; it is not a measure of a corresponding price increase.

The group also reported higher procurement and freight costs. Productivity measures had helped to offset them. Its gross margin rose by 1.9 percentage points year on year to 39.3 percent. The company confirmed its adjusted earnings outlook for the financial year.

The figures come from the group's report of 1 October for the quarter ended in late August. They show the response of one internationally active manufacturer, not the cost situation of all US companies.