Thursday, March 28, 2024 | Baltimore, MD
Baltimore, MD
48°
Cloudy
FOLLOW US:

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

July 18, 2022
100 us dollar bill

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.

Article Source: The Daily Record

The Morning Rundown

We’re staying up to the minute on the issues shaping the future. Join us on the newsletter of choice for Maryland politicos and business leaders. It’s always free to join and never a hassle to leave. See you on the inside.