Boston tech firm CEO tells investors he’s been ‘praying for inflation’ because ‘good for business’

The CEO of a Boston-based technology company has shared with investors how he’s “prayed for inflation” because it’s “good for business.”

William Meaney, CEO of Iron Mountain, a data storage and management company, said higher prices also benefited bottom line.

During an investor visit on Sept. 20, Meaney said he “done my inflation dance to pray for inflation,” according to an audio transcript of his speech.

Meaney essentially admitted that raising prices more than covered the company’s cost increase while increasing the company’s profit margin.

“Raising prices obviously covers our higher costs, but … a lot of that goes into profits,” he said.

“Where we’ve had inflation with pretty high rates…we can price inflation ahead,” according to audio op The interception.

“I wish I wasn’t doing such a good dance, but that’s more on a personal basis than a business model,” he later admitted.

It was a view shared by Iron Mountain’s chief financial officer, Barry Hytinen, who said inflation was a “net positive” for the company.

“We have a high gross margin business, so it naturally increases the margins of the business,” Hytinen said, saying how they “feel for people” who are struggling to pay for goods.

Meaney essentially said that inflation was a good excuse to drive up prices, which more than covered the company’s cost increase. Photo of the company’s headquarters in Boston

Joe Karasin told the New York Post that Meaney’s comments were out of touch with customers and small businesses who depend on their services.

‘From the point of view of messaging, this seems completely tone-deaf. A cursory glance at social media posts from the general public shows that people and small businesses are suffering from high inflation.”

Karasin also noted that while high inflation has allowed companies to raise prices, “it also has a ripple effect” because “goods and services that companies use will also see prices rise.

“So basically the consumer feels the pain the most, but it’s a bit inappropriate to ‘wish’ for inflation,” Karasin said.

During his conversation with investors, Meaney noted how many other companies also raised prices while tackling inflation.

“People are seeing what FedEx, UPS and others have to do to actually run their businesses and pass that inflation on,” he said.

Data released by The Labor Department has released data showing the consumer price index rose by a higher-than-expected 8.3% in August – despite falling petrol prices

FedEx has revealed how delivery rates will increase by an average of 6.9% in the new year.

The higher prices come after FedEx stocks fell after news of disappointing quarterly earnings that blamed high wages and fuel costs, along with a decline in supply demand.

Its competitor, UPS, also pushed up shipping rates by an average of 5.9 percent last November.

Data released by The Labor Department have released data showing the consumer price index rose a higher-than-expected 8.3 percent in August – despite falling gasoline prices.

Americans pay more for essential goods such as food, healthcare, housing and appliances.