What should contractors and clients be doing now to plan ahead for an onslaught of price escalation?

Inflation is coming ! Probably in the economy in general but in construction it's a certainty and some sectors of materials supply are already feeling it with considerable force.

With an almost perfect storm of materials shortages, pent up demand and eye watering debt, might we be about to experience inflation the like of which we have not felt for 10, 20 or more years?

Here is some recently reported data and observations;
> BEIS reports prices for construction materials and components increased by 7% in year to February 2021
> Global Impact on supply of lingering disruption to raw materials and manufacturing from the Covid pandemic.
> Ongoing materials price impacts from Brexit.
> Up to 7 price hikes in structural steel in past 12 months increasing by 40% to £800 per tonne
> Price of imported plywood increased by 30% since March 2020.
> Impact on global demand of China's ongoing stimulus driven infrastructure programmes.
> UK steel production uncertainties caused by situation with Liberty Steel.
> UK demand led impact of mega infrastructure projects, principally HS2.
> Global demand impact of government's resolve to stimulate economies post pandemic through massive infrastructure spend.
> 650% rise in container based shipping prices since pandemic.

What can be done now to protect and mitigate?

Some of the more obvious considerations include forward buying, downstream price fixing, upstream fluctuation provisions etc but what are your really smart ideas? How for example might smart design led decisions help to mitigate?