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Small Business Survey Presents Mixed Outlook On Future Inflation (1/2)

US

There are always plenty of valuable inflation tidbits from the NFIB small business survey. Here are two that stand out from October's report, with each telling a different story on US price pressures going into next year.

  • Firstly: Expected net price changes in the next 3 months ticked higher in Oct to 34%, the first rise since May. Even so, the general story is that price expectations have moderated considerably from the peak, pointing to a deceleration in US inflation in 1H 2023:

Source: NFIB Small Business Survey, Cleveland Fed

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