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Study: Small business takes biggest hit as inflation spikes

Everything from the price of fruits and veggies to beef are expected to get pricier as inflation continues to be an issue.

(NewsNation) — Corporate profits are skyrocketing, but a new Goldman Sachs study shows small businesses are taking the biggest hit as inflation spikes.

More than 90 percent of small business owners say larger economic trends are negatively impacting their businesses. 

On inflation specifically, which is the worst it’s been in 40 years, 88 percent say inflationary pressures on their business have increased since January. This means higher prices are likely to be passed down to the consumer.

Small business owners have told NewsNation stations across the country that they’re feeling the strain of supply chain issues, inflation and the race to find and retain employees. 

“Prices in general have gone up 30 percent across the nation. It’s not just us, it’s everywhere,” said Katie Kinsey, owner of Flowers by Primrose. 

Added Meredith Easley of Easley Winery: “Since natural gas prices have gone up, the prices to fuel those furnaces to make the glass have gone up and that relates to the crisis in Ukraine.” 

Big and small businesses have blamed higher wages and supply chains for cutting into their bottom lines. But the Commerce Department reports corporate profits are the highest they’ve been since 1950.