Do you keep an eye on the currency markets? If you’re an acquisitions librarian, you should. In particular, pay attention to the dollar against the pound or the euro. I remember a professors in my graduate program emphasizing that point, but it wasn’t until recently that the practical implications sunk in. If you think 5% annual price increases are bad, factor in the current rate of exchange and be prepared for a shock.
Many major journal publishers, if not most, are headquartered in Europe. Pricing is therefore based on the euro or pound, which are both currently much stronger than the dollar. I’m not suggesting that you watch the market daily or scour each issue of The Wall Street Journal, but be aware of economic trends, and when the bill comes for your annual renewals, you’ll be ready with either additional funding already secured, or a list of titles to cancel.