WASHINGTON - The number of small businesses that raised prices in January rose to levels not seen since 1974, a reflection of surging U.S.
inflation amid squeezed supply chains, higher labor costs and more.A net 61% of small businesses increased average selling prices in January, which marked a 48-year high, according to a regular survey by the National Federation of Independent Business.
Price hikes were the most frequent in wholesale (88% higher), manufacturing (71% higher), retail (69% higher) and construction (67% higher).The NFIB, an advocacy group made up of small business owners across the U.S., also found that 47% of owners reported job openings that could not be filled — a figure down two points from December 2021.
Thirty-six percent reported openings for skilled workers (down 3 points) and 22% have openings for unskilled labor (unchanged).A net 50% percent of small business owners reported raising worker compensation, up 2 points from December and a 48-year record high."More small business owners started the New Year raising prices in an attempt to pass on higher inventory, supplies, and labor costs," NFIB chief economist Bill Dunkelberg said in a statement. "In addition to inflation issues, owners are also raising compensation at record high rates to attract qualified employees to their open positions."FILE IMAGE - An “open” sign is pictured at a small business on Dec.