WASHINGTON, D.C. (March 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 rose by 7.9% in February, the fastest pace of acceleration in 40 years:
“Today’s report shows there is no sign of inflation slowing down and small businesses continue to feel the effect of the fastest inflation acceleration in decades. Small business owners are navigating this challenging economic environment by making business adjustments to pass on the higher costs of inventory, supplies, and labor, while also managing the ongoing supply chain disruptions and staffing shortages. Small businesses encourage their elected officials to enact policies that will promote economic growth and help, not hinder, the small business recovery.”
NFIB’s recent monthly survey shows 26% of small business owners reported that inflation was their single most important problem in operating their business, a four-point increase since December and the highest reading since the third quarter of 1981.