The packing industry has faced several challenges since last year, such as supply chain constraints, rising labor and raw material costs, high inflation, and declining consumer spending.
However, the Fed’s aggressive interest hikes to curb inflation have shown results as inflation eased for the sixth consecutive month in December, with the Consumer Price Index (CPI) rising 6.5% year-over-year and declining 0.1% sequentially. Moreover, the U.S. economy added 517,000 jobs in January, significantly higher than analysts’ estimates of 187,000.
