FRANKFURT (Reuters) – Chemicals group BASF will be likely to face a considerable downturn early in the second half of the year because inflation will begin to weigh on consumer demand and competitors are expected to reinstate crippled supply chains, its CEO said. “Speaking for my business, we are able pass along higher prices because there is no arbitrage trade because supply chains don’t work,” Chief Executive Martin Bruedermueller said at a German industry event. But inflation and, in its wake, lower consumer demand was “knocking on the front door”, he said. He added that rivals would soon b…