Price hikes were the most frequent in wholesale (88% higher), manufacturing (71% higher), retail (69% higher) and construction (67% higher). A net 50% percent of small business owners reported raising worker compensation, up 2 points from December and a 48-year record high. "More small business owners started the New Year raising prices in an attempt to pass on higher inventory, supplies, and labor costs," NFIB chief economist Bill Dunkelberg said in a statement. FILE IMAGE - An "open" sign is pictured at a small business on Dec. 11, 2021, in San Ramon, California. Twenty-two percent of small business owners reported in the optimism index that inflation was their single most important problem, according to the NFIB.