Optimism in the small business sector slipped in February as owners cited inflation as among their top problems. The NFIB Small Business Optimism Index fell by 1.4 points to 95.7, the second consecutive month below the 48-year average of 98 as 26% of owners reported that inflation was their single most important problem in running their business. Within the report, it showed that the net percent of owners raising average selling prices increased seven points to a net 68%, highest in 48 years. "Inflation continues to be a problem on Main Street, leading more owners to raise selling prices again in February," said NFIB Chief Economist Bill Dunkelberg.

Inflation continues to gather momentum and is becoming deep-rooted in the U.S. economy. And with the inflation reading February Consumer Price Index on tap Thursday, investors, Wall Street as well as the Fed will be eagerly awaiting the numbers. In the meantime, lumber prices have risen to $1,456 after falling to $470 in September 2021, gold and silver prices are up and of course, oil has surged to $130/bbl. The national average price for a gallon of gas has hit an all-time high of $4.17 today. In California, prices were seen near $8 a gallon! Wheat prices have hit an all-time high.