'Inflation' mentioned most since 2003 in Asian companies' earnings calls

Call transcripts show recession-proof businesses are concerned about unprecedented increases in raw material prices

The word “inflation” has popped up on Asian companies’ earnings calls this reporting season the most in at least 18 years.

It’s been mentioned 282 times in the transcripts of analyst briefings for companies on the MSCI Asia Pacific Index in the quarter ending September, according to data compiled by Bloomberg. That’s the most since at least 2003, beating the previous record of 268 mentions during January to March of 2017.

Call transcripts show recession-proof businesses, including consumer staples maker Unilever Plc.’s India unit, are concerned about unprecedented increases in raw material prices. Meanwhile, old economy companies such as Australian