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Small Businesses Cautious Amid Rising Inflation

NEW YORK (AP) ÔÇö Inflation continues to be a major concern for small businesses, as indicated by a recent survey that revealed a decline in optimism among owners in February.

The National Federation of Independent Businesses’ Optimism Index dropped to 89.4 last month, marking the 26th consecutive month that it has fallen below the 50-year average of 98. A growing number of small business owners, with twenty-three percent now citing inflation as their top issue, up three points from the previous month when labor quality was the primary worry.

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Rising Prices

The inflationary pressures persist, with prices increasing by 0.4% from January to February, a slight uptick from the previous month’s 0.3% rate, according to the recent report from the Labor Department. Consumer prices went up by 3.2% compared to the same period last year, slightly higher than in January.

Core prices, excluding food and energy costs, also saw a 0.4% rise from January to February, surpassing the level required to bring inflation down to the Federal Reserve’s 2% target. This core inflation figure is closely monitored to gauge the direction of inflation.

Impact on Business Spending

Amidst the inflationary environment, small business owners are cutting back on spending. Fifty-four percent of owners reported reduced capital outlays in the last six months, a decrease of five percentage points from January. Among those making investments, 35% allocated funds for new equipment, 23% purchased vehicles, and 15% upgraded or expanded their facilities.

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