One in three businesses says they plan to raise prices as Trump’s tariffs begin and inflation grows

Almost a third of U.S. businesses have said in a survey that they’re likely to raise prices by the end of 2025 as they adjust to increasing costs and inflation, according to a new report.

The online lending marketplace LendingTree issued a report stating that more than 30 percent of businesses included in the company’s survey expect their prices to rise within the next six months. Roughly five percent said their prices would go down, and 65 percent estimated that they would remain the same.

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.”

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On Tuesday, The Wall Street Journal reported that Home Depot will soon raise its prices even as the company has worked to reduce the impact of tariffs by using domestic products and broadening its supply chain.

Both political strategists and economist have shared their alarm regarding rising costs during the year so far, even as Trump promised before the election that he would drive down prices.

Rhode Island, New Hampshire, Montana, Washington, Oregon, and Vermont businesses were the most likely to say that they foresee price increases in the next few months, as more than 36 percent of surveyed companies in each of those states said that they’re likely to change their prices, the polling shows.

Companies in West Virginia, Mississippi, Arkansas, Alabama, New Mexico, Indiana, South Dakota, Louisiana, Nebraska, and Washington, D.C. were the least likely to say that they would raise prices, with more than 20 percent in each of those areas expecting price hikes.

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Among the businesses surveyed across the U.S., more than half said they expected their costs for goods and services to increase over the course of the next six months, meaning that their bottom lines will be negatively affected if they choose not to raise their prices.

“Pricing pressure may force other choices, such as staffing reductions, in the hopes of remaining competitive,” said Schulz.

The LendingTree survey was conducted between June 2 and June 15, with analysts using data from the U.S. Census Bureau Business Trends and Outlook Survey.