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Confidence among small businesses in the United States fell in May, with the proportion of business owners planning to raise prices in the next three months reaching the highest level in nearly four years, indicating that inflation may remain elevated for some time. Data from the National Federation of Independent Business (NFIB) on Tuesday showed that the small business optimism index in May fell 0.6 points to 95.3, further from the 52-year average of 98.0. The uncertainty index of the survey rose 3 points to 91, far above the historical average of 68. NFIB stated, "Uncertainty is the enemy of growth and investment, and is currently at a high level, largely due to the Iran conflict and its impact on global oil supply and other commodities. The sooner this is resolved and some kind of 'normal' state is restored, the faster the recovery will be." The survey also showed that the proportion of small businesses planning to raise prices in the next three months jumped 7 percentage points to 34%, the highest since July 2022. Approximately 36% of business owners said they plan to raise prices to the highest level since March 2023, an increase of 6 percentage points from April.