Data and Insights: Business and Inflation 2023

COSTA MESA, Calif. - Dec. 9, 2022 - PRLog -- Businesses are vulnerable to fluctuations in the financial markets, and inflation is every business owner's worst nightmare. Since May 2022, small businesses have been hit hard and business owners are anxious about the future. In 2023, we begin the year with falling inflation rates. However, inflationary costs are still affecting most industries, even ones that are recession proof.

Whether or not we'll face a full-blown recession is debatable but what we do know is that we must take some steps to adjust to the impact of inflation on business. To manage inflation's impact on our businesses, we must first understand how the cycle works and how it will affect the small business market. Your business insurance should also be reviewed if not rewritten by a new carrier to reflect inflationary costs to rebuild, replace or repair business property and equipment.

Here are some useful insights and tips on how to be fiscally savvy during this rough spell and some positive data about inflation rates.

Are Inflation Rates Dropping in 2023?

June 2022 peaked as the most inflationary month in 2022, but rates have been steadily dropping since then. It's expected that November and December's rates fell slightly too, and they will continue to fall in 2023. (For more visit: https://smartfinancial.com/business-and-inflation)