WASHINGTON, D.C. (Feb. 10, 2022) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement on behalf of Kevin Kuhlman, Vice President of Federal Government Relations, in response to today’s Bureau of Labor Statistics report showing the U.S. inflation rate hit the highest level since 1982:
“Small businesses across the country are feeling the impact of the highest inflation rate in 40 years. For most small business owners, this is a new and challenging environment that they have to navigate along with the ongoing labor shortage and supply chain disruptions. Today’s report is frightening news for Main Street as owners continue to make business adjustments to pass on the costs of higher inventory, supplies, and labor. Small businesses urge Congress to focus on solutions that would grow the economy and not further deter the small business recovery.”
NFIB’s recent survey shows a record high number of small business owners cited inflation as their single most important business problem, the highest level since 1981. The net percent of small business owners raising average selling prices increased to the highest reading since the fourth quarter of 1974.