Inflation

Inflation and the retail industry
The whitehouse from the south lawn
 
NRF to the White House: Tame inflation with tariff relief

NRF advocates for removing the harmful China 301 tariff to help alleviate some of the inflationary pressure on the U.S. economy.

In a letter to President Joe Biden, NRF President and CEO Matt Shay wrote: “We have noted the administration’s recent policy recommendations regarding inflation, and we respectfully observe that one of the most effective and meaningful tools — tariff relief — has not yet been put forward. This is a missed opportunity.”

Retailers and inflation

Costs are also rising for retail businesses. While retailers are doing everything they can to keep prices down, many have been forced to increase prices on goods to match increased costs. Retailers are paying higher energy bills and rents, not to mention the increasing cost of goods, transportation and wages.

Why are we experiencing record inflation?

Prices of goods and services are soaring due to record levels of inflation in the United States. How did we get here? 

Flush with savings from government stimulus programs, in the midst of the pandemic consumers shifted their spending from services to goods due to COVID-19 restrictions. That increase in demand placed enormous strain on the global supply chain. 

Combined with preexisting supply chain disruptions, the demand increase caused prices to rise beginning in April 2021. Since then, inflation has reached a 40-year high and cut into consumers’ spending power.

Woman stands next to grocery cart looking at receipt
 

What can we do?

The current surge in inflation is caused by many factors, and it will require a careful balance of fiscal and monetary policy solutions to bring it under control.

NRF offers four ways Congress can help tame inflation now, including actions around tariffs, swipe fees, the supply chain and labor.

Join NRF in telling Congress to tame inflation now.

Tell Congress

Consumer views on inflation

As we continue to face the highest rate of inflation in decades, consumers and businesses are feeling the pain of higher prices on everything from everyday goods and services to rent, groceries and gas. NRF surveyed shoppers in May 2022 to understand how their behaviors and attitudes are changing in the face of higher prices. View the slides below.

 
Tame inflation through tariff relief

As we continue to face the highest rate of inflation in decades, the Biden administration should be looking at all options to provide relief to help U.S. businesses, workers and consumers. Tariffs cost the average American household more than $1,200 in 2020 and do not achieve their desired goal in respect to China. 

 
Inflation
 

More on inflation

Inflation fuels food price increases
 
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Global conflicts and bad government policies lead to higher food costs.
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The impact of inflation on retail
 
Inflation prices
Retail Gets Real episode 259: NRF’s head of research describes what’s driving up prices and where we go from here.
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Inflation hits Main Street
 
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Small retailers grapple with cautious customers and rising costs.
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Tame inflation now
 
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4 ways to tame inflation and encourage growth.
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Inflation's bottom line: What retailers need to know
 
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Join NRF on May 24 to discuss inflation.
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Swipe fees drive up inflation and ‘consumers ultimately pay the price’
 
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Credit card companies refuse to halt anti-competitive behavior.
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Consumers 'Taking Higher Prices in Stride'
 
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Consumers accustomed to inflation continued to spend in April as retail sales overcame higher prices.
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Tame inflation through tariff relief
 
Inflation
Tariffs cost the average American household more than $1,200 in 2020.
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Small Businesses Hit Hardest by Swipe Fees
 
credit card swipe to pay for a coffee shop purchase
NRF told Congress small businesses are the hardest hit by high credit card “swipe” fees that are driving up inflation.
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More on the economy

Monthly Economic Review
 
NRF’s chief economist Jack Kleinhenz reviews the state of the U.S. economy every month.
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Retail Sales
 
Monthly retail sales figures from NRF, excluding automobiles, gasoline stations and restaurants.
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NRF Forecasts Annual Retail Sales to Grow Between 6 and 8 Percent
 
The NRF issued its annual forecast, anticipating that retail sales will grow between 6 percent and 8 percent in 2022.
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