89% of businesses increase prices due to inflation

Check out Business.org new report: The Effects of Inflation on Small Business

The report digs into how inflation and supply chain shortages are affecting small businesses and their customers as we deal with 40-year high inflation rates.

We found that 89% of small business owners have increased their prices to counter inflation. While 64% report not being able to acquire the products they need to meet customer demand due to supply chain shortages (and 37% of customers are complaining about increased prices).

Data snacks:

  • 30% of small-business owners think raising their prices will deter customers from shopping at their store.

  • 26% of small-business owners report a 20% increase in costs.

  • 60% of small-business owners are concerned about the financial health of their business because of inflation.

  • 47% of businesses report their profit margin decreasing due to inflation since the beginning of the pandemic.

  • 46% are reducing the size of their inventory, while 43% report being forced to change the products their business keeps in inventory.

  • 31% report having to stop selling certain products altogether due to shortages.

Check out all of our findings here: https://www.business.org/finance/accounting/effects-of-inflation-on-small-businesses/

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January 26th, 2023
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