Special report: Inflation and tariff impact analysis – first half 2025.

Tariffs discussions have dominated the conversation in Q2, but inflation remains a factor as well – especially for small businesses.

Highlights:

• Inflation dropped from 3.0% in January to 2.4% in May but rose to 2.7% in June.
• Small business restaurants have seen a significant pullback in visits through Q2 as consumers become more selective about spending.
• Average ticket sizes have increased month-over-month since March for small business restaurants and grocery, while most other areas were more steady.

Note: The Fiserv Small Business Index refreshes with updated data on the 2nd of each month

Disclaimer: Small businesses are identified per the Small Business Administration definitions and extrapolated to reflect total U.S. sales and distribution. This report does not represent Fiserv financial performance.