Survey: Many businesses will be forced to significantly raise prices this year

Entrepreneurs in the Czech Republic expect to see their costs of running business rise by tens of percentage points this year, according to a survey conducted by the country’s Chamber of Commerce. The costs of energy, entry materials and transportation are all expected to rise and, as a consequence, more than 80 percent of entrepreneurs say that they will have to raise the prices of their consumer products.

The highest rise in prices is expected by business operating in the manufacturing and construction sectors. Around a half of all respondents said that they expect their prices to rise between 10 to 20 percent, with roughly a third of the survey respondents saying that the cost of their products will increase by more than a fifth of what they were last year.

However, some entrepreneurs, especially smaller business owners, said that they will lower their prices.