In 2022, inflation is hitting hard. Countless surveys and economic forecasts demonstrate that wages, consumer confidence levels, and other metrics are suffering because of higher prices across the board.
Right now, many Americans are eager for the White House to seriously devote efforts towards getting ahold of inflation. It’s left the middle-class in a bind, making it harder for people to settle their mortgages, pay off debts, and keep food on the table.
Just like individuals, small businesses are also incurring some blows as a result of inflation. This is leading these establishments to raise their prices in order to stay open.
Understanding the struggles of small businesses in 2022
Data from The National Federation of Independent Businesses reveals companies at a net of 61% are increasing their consumer costs. This is remarkable, seeing as this net percentage hasn’t been witnessed since the final quarter of 1974.
The organization also provides insight into sectors where higher prices are more prevalent. These sectors include construction, retail, manufacturing, and wholesale.
