Businesses Planning To Raise Prices In Near Future

30-percent said they expect their prices will be higher in six months

Neons, Nighhtclubs, Bars, Bourbon Street — Source: Rainer Grosskopf / Getty

Nearly a third of businesses are likely to increase prices in the near future. A new report by LendingTree found that more than 30-percent of businesses surveyed said they expect their prices will be higher in six months than they are now while only five-percent said that their prices will go down, and 65-percent said their prices will remain steady. LendingTree’s report also found that 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.

The report comes as uncertainty grows regarding President Donald Trump’s tariff policy and continued tension stemming from inflation.

LendingTree chief consumer finance analyst Matt Schulz stated in a press release that “Tariffs are likely playing a significant role in these concerns, but so is the overall sense of uncertainty that remains in the American economy.”

“There are so many unknowns that it’s nearly impossible to predict what the next few weeks will look like, much less six months from now,” he added. “However, this report makes it clear many businesses see continued rising prices ahead.”

Last week, Trump updated tariff rates for dozens of countries, ranging from 10% to 41% duties that go into effect starting Aug. 7. Goods that are considered to have been transshipped, or shipped through an intermediate country to disguise where they were originally made to avoid applicable duties, will be hit with an additional 40% rate.

U.S. businesses that stocked up on inventory earlier this year are now starting to run out, they say. When they reorder from their overseas manufacturers, they’ll need to pay steep import costs.U.S. consumers will experience an overall average effective tariff rate of 18.3%, the highest since 1934, according to new estimates from The Budget Lab at Yale University. The tariffs are expected to cost U.S. households an average $2,400 in 2025, the nonpartisan research center said.

Survey results come during a period of uncertainty over President Trump’s tariff rollout and continued pressure from inflation.