Banks offer tools, advice to help small businesses cope with inflation

Inflation has increased even more than expected. According to the U.S. Bureau of Labor Statistics, the consumer price index, which measures the cost of everyday goods and services, rose 9.1% in June over the same month last year. The increase is the sharpest since November 1981. Already weary after two years of COVID-19 lockdowns and restrictions, hiring difficulties, rising interest rates and supply chain snafus, small businesses now must deal with higher prices for goods and determine how much of the burden to pass on to their customers. “Like most changes to the economy, rising interest rates produce ripples that can impact business owners’ bottom lines,” said Chi Eze, vice president, small business banker manager for Bank of America in Owings Mills.