(ConservativeHub.com) – Inflation has touched every single American in some way, whether they know it or not. However, it’s hitting some citizens worse than others and even small businesses. A new report revealed small business owners are very concerned about quickly rising prices.
The latest National Federation of Independent Business’ (NFIB) Small Business Optimism Index revealed that owners who believe the conditions of doing business will get better in the next half a year fell 14 points to 49%, which represents a historic low in the nearly 50 years the NFIB has run this survey. Factors contributing to this include the fact 47% of owners said they had trouble filling job openings and a seasonally adjusted 72% raised the selling prices of their goods or services.
Fox News highlighted this enormous issue facing small businesses:
Inflation overtakes labor shortage as top problem for small businesses https://t.co/kRUDpWSXiK
— Fox News (@FoxNews) April 12, 2022
Around 31% of the small business owners surveyed in March declared inflation the “single most important problem in their business,” marking a five-point increase from February. This problem is understandable as the Bureau of Labor Statistics (BLS) just detailed that in March 2022 alone, the Consumer Price Index for All Urban Consumers went up 1.2%. In particular, gas and food prices have really hurt Americans across the board. In all, it seems inflation is threatening businesses trying to survive the strange modern challenges facing the US and the world.
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