Nearly 1 in 3 businesses plan to raise prices within six months: Report
More than 30 percent of businesses surveyed by LendingTree said they expect their prices will be higher in six months than they are now. About 5 percent said that their prices will go down, while 65 percent said they will stay the same.
The findings come amid uncertainty over President Trump's long-awaited tariff rollout this year and continued pressure from inflation.
'Tariffs are likely playing a significant role in these concerns, but so is the overall sense of uncertainty that remains in the American economy,' LendingTree chief consumer finance analyst Matt Schulz said in a release on the report's findings.
'There are so many unknowns that it's nearly impossible to predict what the next few weeks will look like, much less six months from now.' he continued. 'However, this report makes it clear many businesses see continued rising prices ahead.'
The Wall Street Journal reported Tuesday that modest price hikes will soon hit home improvement retailer Home Depot, despite the company's efforts to lessen the impact of tariffs by relying on domestic products and diversifying its supply chain.
Economists and political strategists have sounded alarms about escalating costs throughout the year, after Trump promised to drive down prices if elected.
Businesses in Rhode Island, New Hampshire, Montana, Washington, Oregon and Vermont were most likely to say they expect to increase prices in the coming months, with more than 36 percent in each state reporting that they will likely make adjustments, according to the polling.
Businesses in West Virginia, Mississippi, Arkansas, Alabama, Washington, D.C., New Mexico, Indiana, South Dakota, Louisiana and Nebraska were the least likely, though more than 20 percent in each reported some anticipated price hikes, the data shows.
More than half of the companies surveyed across the country said they expect their own costs for goods and services to increase over the next six months, impacting their bottom lines if they resist raising prices.
'Pricing pressure may force other choices, such as staffing reductions, in the hopes of remaining competitive,' Schulz said.
LendingTree's researchers conducted the surveys from June 2-15, and analysts relied on data from the U.S. Census Bureau Business Trends and Outlook Survey for their findings.
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