Nearly 90% of businesses are increasing prices to counter inflation

Several factors affecting price increases

U.S. (KYMA, KECY) - Prices of goods have been steadily increasing in the past few months and with shipping ports not sending out much-needed supplies, inflation has been on the forefront of most businesses.

Business.org recently did a study about price inflation and the affects of supply shortages, with data showing that 89% of small business owners are increasing their prices to counter inflation.

Previous reports found that while prices have been going up since the beginning of the year, April of 2021 had a massive jump going from 2.6% to a 5.4% inflation increase rate.

Despite the increasing prices, supplies are still being cut as data have also shown that businesses are reducing 43% of their inventory and over 50% aren't meeting customer demand.

Businesses are awaiting this holiday season to help bring prices somewhat down as customers begin buying gifts, though a high demand can see an even further increase in inflation.