Tennessee Is A Hotspot For Inflation-Based Price Increases, Report Says

Image Credit: Jim Nix / CC

The Center Square [By Jon Styf] –

Nashville ranked 14th in the country in the number of businesses that reported moderate or large price increases in a new poll from LendingTree. Tennessee, meanwhile, ranked 11th among all states.

The report, based on the U.S. Census Bureau Small Business Pulse Survey, said that 80.2% of businesses in Nashville reported those increases.

Milwaukee, Charlotte, Columbus and Orlando led the list with businesses reporting those increases.

“Considering how much inflation has risen, I’m not surprised so many businesses have seen prices rise,” LendingTree chief credit analyst Matt Schulz said. “Higher costs have touched on virtually every aspect of our lives in the past year, and businesses have certainly been hit hard, too.”

Overall, 82.8% of Tennessee businesses reported increases. In the entire country, 24.2% of businesses reported that they would be seeking new supply chain options, a significant increase from the 14.0% the year before.

Memphis ranked lowest on the list of the country’s 50 largest metros with just 55.5% of businesses reporting moderate to large price increases.

In the country, 78.6% of businesses reported the increases. Manufacturing businesses, in particular, were hurt as 92.7% reported increases and 46.7% reported they’d be looking for new suppliers in the next six months.