NFIB Survey: Record Monthly Price Increases for Small Businesses Amid Persistent Inflation

This analysis is based on a Fox Business report [1] published on December 10, 2025, covering an NFIB survey released the same date. The survey found that 34% of small businesses raised prices in November 2025, marking a record monthly surge amid ongoing inflation pressures. This increase highlights the persistent economic challenges facing small enterprises, which often have less pricing power and margin flexibility compared to larger corporations. The data suggests that inflationary pressures, which have been a key economic concern in recent years, continue to impact the small business sector disproportionately [1].

The record price increases among small businesses signal a potential acceleration in inflationary trends at the grassroots level of the economy. Small businesses are major contributors to employment and economic activity, so their pricing decisions can have ripple effects on consumer spending patterns and overall market dynamics. The survey results also underscore the ongoing strain on small business operations, as they grapple with rising input costs, labor expenses, and supply chain challenges that have persisted since the post-pandemic recovery period [1].

Risks associated with this development include potential consumer pushback against higher prices, which could reduce demand for small business products and services. Persistent inflation may also lead to tighter monetary policy from the Federal Reserve, increasing borrowing costs for small businesses seeking capital for growth or operations. On the opportunity side, businesses that can effectively manage cost structures while maintaining customer value may gain a competitive edge. Additionally, policymakers may prioritize support measures for small businesses to mitigate the impact of inflation [1].

As of November 2025, 34% of small businesses reported raising prices, a record monthly increase according to the NFIB survey. The surge reflects ongoing inflationary pressures that continue to challenge small business operations. The data has implications for consumer spending, market dynamics, and potential policy responses, highlighting the need for ongoing monitoring of inflation trends and their impact on the small business sector [1].