The cost of doing business is increasing and those hikes are being passed on to consumers, the quarterly National Association for Business Economics survey, released today, indicated.

Material costs were higher in the quarter, according to a record 75% of respondents, the highest share since the question was first asked in 1994. While the price of material rose, wages were steady, as only one in four said wages increased last quarter, down from 36% in the first quarter. And non-labor input prices are expected to continue rising next quarter, according to 77% of those surveyed, while only 2% expect a decrease.

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