Inflation may be slowing down, but the impact on business and individuals remains significant

Last Updated on April 22, 2024 by Robert C. Hoopes

Consumer prices have been on the rise, leading to significant impacts on various industries and small businesses across the nation. Since President Biden took office, year-over-year rates of inflation have ranged from 3.2% to 3.8%, causing concern among consumers and businesses alike.

The food manufacturing and services sectors are among those feeling the effects of rising costs, with expenses for freight, shipping, packaging, wages, insurance, and interest rates all increasing since 2021. These rising costs have resulted in small business optimism hitting an 11-year low, according to a recent survey by the National Federation of Independent Businesses.

In response to these challenges, businesses have been forced to raise prices, invest in technology, and implement tactics like shrinkflation, negotiation strategies, and reduced hiring to cope with the economic pressure. Inflation remains a major issue, putting strain on consumers and small businesses, which employ half of the country’s workers.

President Biden’s approval ratings are also suffering, with the economic challenges potentially impacting him in the upcoming election year. As businesses continue to navigate the impacts of inflation and rising costs, the future remains uncertain for many in the economy. Stay tuned to My MBA Career for more updates on how these developments may affect your career and the business landscape.

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