Despite rising supplier costs, most SMEs in the United Kingdom are continuing their business and trade without increasing the prices of their products or services, according to a survey of 1,000 SME owners conducted by alternative fintech lender MarketFinance. The survey found that 79% of the 1,000 SME owners have had to face increased prices from the suppliers over the past six months because of various reasons such as the surge in cost of raw materials and staff shortages. While 32% of SMEs absorbed the cost escalation without passing it on to customers, 21% passed on a portion of the increased costs.
