Inflation is top of mind for Corporate America this earnings season, with mentions on earnings calls on track for their biggest jump since the 2022 price shock.

S&P 500 executives are set to cite the word, or related terms like cost pressure, more than 1,100 times in discussing third-quarter results, according to Bloomberg projections based on current data. That would be the biggest year-on-year change since mid-2022, when the US consumer price index had surged to over 9%.

While pricing pressures are much lower this time around, the war in Iran has driven a consistent rise in fuel prices. Even excluding food and energy, an underlying measure of the consumer price index rose by more than expected in October.

“Inflation is on everyone’s radar again,” said Marija Veitmane, head of equity research at State Street Global Markets. “A lot of companies are struggling to pass on higher costs to their end consumer, and we’re seeing an erosion of pricing power that’s beginning to squeeze profit margins.”Companies accounting for about 61% of the S&P 500’s market capitalization had reported third-quarter results through Oct. 30. The estimate of 1,127 mentions extrapolates from the 691 recorded in earnings calls so far.

Consumer-oriented stocks are among the most exposed as inflation squeezes household budgets, while higher interest rates add to the cost of mortgages, credit cards and car loans.

Hershey Co. shares fell 2.1% on Thursday as the maker of Reese’s Peanut Butter Cups warned consumer spending could be impacted by financial pressures, including during Halloween. Ford Motor Co. also said profit will level off next year as inflation threatens to erode gains from its pickup and sport utility vehicle business.

The concerns come as the S&P 500 has retreated from a record hit in early October, though the index remains up about 11% this year. But any market weakness could further dent consumer sentiment, according to Chris Armstrong, a strategist at Berenberg.

“If you get the stock market rolling over at the same time as you have higher inflation with things like gasoline prices, that could start to have an impact on confidence to a greater degree than we’ve seen already,” he said.

There’s also signs that other sectors are starting to feel the heat. On a call with analysts, Caterpillar Inc. Chief Financial Officer Kyle Epley said the industrials company was “aware of potential headwinds presented by higher cost inflation.”He added sales growth in the fourth quarter would be “moderate” compared with a year earlier, and the stock slumped.

Profit margins are similarly cracking. About 58% of S&P 500 constituents have beaten net margin estimates for the third quarter, among the smallest proportions since the fourth quarter of 2022, according to data .

For now, some companies have struck an optimistic note about managing cost pressures. Snack maker Mondelez International Inc.’s Chief Executive Officer Dirk Van de Put said that while inflation was “clearly” high on the mind of European consumers, “the good news is that we have positive volume/mix growth.”The company’s shares rose nearly 4% after its report.

The Federal Reserve has also signaled willingness to raise interest rates further to tame pricing pressures. Swaps traders are fully pricing in a hike by the January meeting.

For Daniel Murray, deputy chief investment officer at EFG Asset Management, the worry is centered around potential stagflation if oil prices remain persistently higher.

“While we have not yet seen rising inflation and unemployment at the same time, there is a risk that at some point companies hit an inflection point that forces a round of mass layoffs,” Murray said. “A tipping point would be if the oil price stayed sustainably above around $125 per barrel.”