NEW YORK (AP) – Inflation isn’t only costing small businesses money. It’s costing them, customers, as well. For much of the pandemic, small business customers were largely tolerant of price increases and kept on spending. Now, owners are seeing some pushback. But with inflation close to a 40-year-high, there are not many small businesses can do. Sixty-five percent have raised prices to offset higher costs, according to a Goldman Sachs survey. And 38% say they’ve seen a decline in customer demand due to price increases. With consumers forced to spend more on food and gasoline, businesses that sell non-essential goods or services are especially feeling the pinch.
