Most small businesses since 1974 are hiking prices to offset red-hot inflation

The National Federation of Independent Businesses, a Tennessee-based association of small business owners, found that the net percent of owners raising average selling prices rose to 61% in January, a four-point increase from the previous month and the highest reading since the fourth quarter of 1974. Another 50% of firms said they boosted wages amid recent difficulty in attracting new workers.

Meanwhile, the NFIB's index measuring optimism among small businesses dropped last month to 97.1 – an 11-month low – as owners confronted high inflation, worker shortages and uncertain future economic conditions. Inflation remains a top concern for small businesses: 22% of owners reported that higher consumer prices is their single most important problem. That is the highest level since 1981.in a generation, with the consumer price index climbing 7% in December from a year ago, according to a Labor Department report released last month, marking the fastest increase since June 1982.

Traffic passes a downtown Los Angeles gas station where a gallon of gas costs over $6 on Dec. 10, 2021.

greed, it's the only thing it has ever been

I don't know where this supposed '7%' inflation comes from. In our 29 years of making Hot Sauce, the highest annual increase in cost to make was 10 cents a bottle. Usually 4-5 cents per bottle. 2021 was 83 cents, a 35% increase. January 2022 = 19 cents.

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