September 19, 2022
Main Street Monday – 53% of Small Business Owners Increased Their Prices in August
“Inflation remains the #1 problem for small business owners. Gas is cheaper, but not much else,” says Bill Dunkelberg, the NFIB Chief Economist. “To slow inflation, costs coming in the back door must fall and that includes more than the cost of loans. Utilities, fuel, labor, supplies, materials, rent, and inventory, all rising at near double-digit rates.”
These are the statistics:
• A net 5% of small business owners believe the next three months will be a good time to expand their business.
• 43% of owners think it is not a good time to expand due to economic conditions.
• In August, a net 33% of small business owners reported that their earnings were lower than in the last three months.
• The two most important reasons for lower earnings are increased costs (21%) and sales volume (9%) according to small business owners.
• A net 8% of owners said that their sales were lower in the last three months when compared to the three prior months.
• An improvement of 10 points, a net negative 19% of owners reported that they expect their sales to be higher during the next three months.
• A net 53% of owners raised average selling prices in August.
• In the next three months, a net 32% of the owners surveyed are planning on raising prices in the next three months.
NFIB August SBET Report