Washington, DC CNN —The number of small businesses saying they raised their prices fell in June to its lowest level since March 2021, according to a survey released Tuesday by the National Federation of Independent Business.
The share of respondents who reported higher prices dropped by three points last month to 29%, “still a very inflationary level but trending down,” the report showed.
“Inflation and labor shortages continue to be great challenges for small businesses,” said the NFIB’s chief economist Bill Dunkelberg in a release.
The current tight labor market has been keeping pressure on employers to raise prices to protect their margins — a dynamic that Fed Chair Jerome Powell discussed in recent remarks.
The impact of improving supply chainsThe economy has slowed from its red-hot pace after rebounding from the pandemic, but some dynamics that prompted businesses to raise prices have been slowly unwinding.
Persons:
“, Kieran Clancy, ”, Bill Dunkelberg, Jerome Powell, Mary Daly
Organizations:
DC CNN, National Federation of Independent Business, Pantheon, Federal Reserve, Fed, Research, San Francisco Fed
Locations:
Washington, San