Inflation is crushing US small businesses again 🧵

In June, 21% of small business owners named inflation their problem—the highest since October 2024.
This number has surged by +10 points in just the last 12 months.
For context, this matches the peak of the 2008 Financial Crisis (though still below the 36% peak in 2022).
To survive, 38% of small firms raised their average selling prices in June.
That is the 4th straight monthly increase and the highest level since January 2023.
It is also more than double the long-term historical average of ~14%.
Price pressures are back, and consumers are footing the bill.