WASHINGTON, D.C. (May 11, 2022) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the below statement in response to the Bureau of Labor Statistics report on Consumer Price Index and inflation’s impact on small businesses:
“Rising inflation has become a serious detriment for the small business community, and as new data shows, small business owners aren’t expecting business conditions to ease anytime soon,” said Kevin Kuhlman, NFIB Vice President of Federal Government Relations. “Small business optimism is now at its lowest level since April 2020, while most Main Street employers report that inflation is substantially impacting their business. The administration and Congress should not increase the pressure on small businesses with new taxes and mandates but instead promote policies that would grow and strengthen the small business economy.”
NFIB’s recent monthly survey shows nearly a third of small businesses reported inflation as their single most important business problem. Owners expecting better business conditions in the next six months dropped to the lowest level ever recorded.