Accelerating Wholesale Prices Hurt Small Business Job Creators
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on the September Producer Price Index, released today, which rose by 2.2% over the last year, and Core PPI, which rose by 2.8%.
“Wholesale prices increased for the third consecutive month, on a year-over-year basis, demonstrating that Bidenflation is worsening once again. The biggest victim of rising producer prices is small businesses, which lack the economies of scale and preferential purchasing agreements of their big business competitors. Accelerating inflation forces small businesses to continuously raise prices just to maintain their slim profit margins. Yet doing so alienates customers and reduces demand. According to JCN’s SBIQ poll of national small businesses, half of respondents rate inflation as their top concern.
“President Biden and Congressional Democrats deserve the blame for this stubborn and accelerating inflation due to their reckless spending and anti-cheap energy policies. To finally get inflation under control, Congress should pass legislation that advances the American Small Business Prosperity Plan, an eight-point policy playbook that cuts spending and increases energy production, among other pro-growth measures.”