With shipping ports being backed up and record-high inflation in October, everything from your gas bill to your breakfast is getting more expensive. Consumers and businesses in the US are facing the highest month-over-month inflation rates since 2008—and being able to stock customers’ favorite products (and at the right price) for the holiday season is proving to be increasingly difficult.
That’s why the team at Business.org dug into how inflation and supply chain shortages are affecting small businesses across the country.
They 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).
Check out all of our findings here: https://www.business.org/finance/accounting/effects-of-inflation-on-small-businesses/
