More small businesses in America are raising their prices than any time since 1974 to cope with inflation, supply chain problems, and rising energy prices this winter.
“The number of small businesses that raising prices on customers in January rose to a 48-year high, reflecting higher costs of labor and materials amid the biggest surge in U.S. inflation since the early 1980s,” reports Market Watch.
“The National Federation of Independent Business said a net 61% of small businesses increased prices at the beginning of the new year. That’s the highest percentage since 1974. The NFIB’s small business optimism index, meanwhile, slipped 1.8 percentage points in January to 97.1 — an 11-month low,” adds the financial website.
“More small business owners started the new year raising prices in an attempt to pass on higher inventory, supplies, and labor costs,” said NFIB chief economist Bill Dunkelberg. “In addition to inflation issues, owners are also raising compensation at record high rates to attract qualified employees to their open positions.”
Read the full report here.