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Inflation: Small Businesses Raise Prices to 40-Year High

The latest inflation report detailed that the country is experiencing the steepest price increase in the last 30 years

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The National Federation of Independent Business said, in information gathered by Market Watch, that at least 59% of small business owners increased the prices of goods and services last month, registering the highest figure since 1978.

The situation comes on the heels of the latest inflation report during the Biden administration, which has the United States facing the steepest price increase in 30 years.

The federation also indicated that one of the biggest challenges for small business owners is finding qualified workers and explained that small business owners are not optimistic about a better economy in the country.

Inflation and small businesses

Amid the reports, the central bank has acknowledged that inflation is high. However, it continues to attribute the increase in prices to conjunctural factors such as the container crisis in China, the emergence of the Delta variant or the shortage of microchips.

On Tuesday, it also became known that the prices paid by producers for raw materials and other supplies rose 9.6% in the interannual rate last November, according to the Bureau of Labor Statistics.

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