Small Businesses Suffer from Rising Wholesale Prices
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on the October Producer Price Index, which increased by 1.3%, and Core PPI, which increased by 2.9%:
“Small businesses face high wholesale prices that are eroding their profit margins. While producer prices have moderated in recent months due to aggressive action by the Federal Reserve, price increases on core goods and services are still rising 50% faster than the Fed’s target rate. And these increases are cumulative, coming on top of historic and painful price increases that small businesses have already faced in recent years under President Biden. What’s more, many small businesses say real inflation is far higher than what’s reported. No wonder half of American small businesses say inflation remains their top problem, according to JCN’s SBIQ poll.
“Meanwhile, the Fed’s rate hikes have caused a lack of access to credit, preventing small businesses from accessing the funds they need to survive and thrive. To finally get inflation back to the Fed’s target rate and help small businesses, Congress should pass the American Small Business Prosperity Plan, an eight-step pro-growth policy playbook that will bring small businesses back.”