(The Hill) – A recent report indicates that almost a third of U.S. businesses are planning to increase prices by the year’s end due to ongoing adjustments to rising costs and inflation.
According to LendingTree, over 30 percent of surveyed businesses believe their prices will be higher in six months compared to now. Around 5 percent predict a price decrease, whereas 68 percent expect no change.
The findings come amid uncertainty over President Trump’s long-awaited tariff rollout this year and continued pressure from inflation.
LendingTree’s chief consumer finance analyst, Matt Schulz, commented in a press release, “Tariffs likely play a crucial role in these projections, alongside widespread economic uncertainty in the U.S.”
He added, “Predicting the upcoming weeks is nearly impossible, let alone the next six months. Nonetheless, this report clearly shows that many businesses anticipate continued price increases.”
The Wall Street Journal highlighted that Home Depot is set for modest price increases, despite the company’s efforts to mitigate tariff impacts through domestic reliance and supply chain diversification.
Throughout the year, economists and political strategists have issued warnings about rising costs, following President Trump’s promise to reduce prices if elected.
Businesses in Rhode Island, New Hampshire, Montana, Washington, Oregon and Vermont were most likely to say they expect to increase prices in the coming months, with more than 36 percent in each state reporting that they will likely make adjustments, according to the polling.
Businesses in West Virginia, Mississippi, Arkansas, Alabama, Washington, D.C., New Mexico, Indiana, South Dakota, Louisiana and Nebraska were the least likely, though more than 20 percent in each reported some anticipated price hikes, the data shows.
More than half of the companies surveyed across the country said they expect their own costs for goods and services to increase over the next six months, impacting their bottom lines if they resist raising prices.
“Pricing pressure may force other choices, such as staffing reductions, in the hopes of remaining competitive,” Schulz said.
LendingTree’s researchers conducted the surveys from June 2-15, and analysts relied on data from the U.S. Census Bureau Business Trends and Outlook Survey for their findings.
