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Special Questions
Survey Period: [ – ]
Published on:
This section features timely and topical questions asked by the Federal Reserve Bank of Richmond as part of its monthly business surveys. These special questions vary each month and are designed to capture insights on emerging trends, economic disruptions, policy changes, or other current events impacting business conditions. The responses help provide a more nuanced understanding of the evolving economic landscape beyond our standard survey metrics.
September 2026 Special Questions Results
In September 2026, we asked regional business executives about their outlook on prices and wages for the next year. The results below are based on 240 total responses, 79 of which are from the manufacturing survey and 161 of which are from the non-manufacturing survey.
1. How will the average prices you charge your customers change, if at all, in the next 12 months?
Topic: Prices and Wages
| Total [n=240] | Manufacturing [n=79] | Non-Manufacturing [n=161] | |
|---|---|---|---|
| More than weekly | 3.8% | 2.5% | 4.3% |
| Weekly | 4.6% | 5.1% | 4.3% |
| Monthly | 10.4% | 15.2% | 8.1% |
| Quarterly | 13.3% | 12.7% | 13.7% |
| Twice a year | 15.8% | 20.3% | 13.7% |
| Annually | 32.9% | 38.0% | 30.4% |
| No price adjustments | 11.7% | 3.8% | 15.5% |
| Not sure/not applicable | 7.5% | 2.5% | 9.9% |
2. How often do you expect to adjust the prices you charge your customers in 2027?
Topic: Prices and Wages
| Total [n=240] | Manufacturing [n=79] | Non-Manufacturing [n=161] | |
|---|---|---|---|
| More than weekly | 3.8% | 3.8% | 3.7% |
| Weekly | 4.2% | 3.8% | 4.3% |
| Monthly | 10.4% | 13.9% | 8.7% |
| Quarterly | 15.8% | 16.5% | 15.5% |
| Twice a year | 14.2% | 13.9% | 14.3% |
| Annually | 35.4% | 39.2% | 33.5% |
| No price adjustments | 7.1% | 3.8% | 8.7% |
| Not sure/not applicable | 9.2% | 5.1% | 11.2% |
3. How does the size (percent change) of your price adjustments this year (2026) compare to last year (2025)?
Topic: Prices and Wages
| Total [n=240] | Manufacturing [n=79] | Non-Manufacturing [n=161] | |
|---|---|---|---|
| Larger | 38.8% | 48.1% | 34.2% |
| About the same | 38.3% | 30.4% | 42.2% |
| Smaller | 13.8% | 15.2% | 13.0% |
| Not Sure | 1.7% | 1.3% | 1.9% |
| Not Applicable | 7.5% | 5.1% | 8.7% |
4. How often do you adjust prices this year (2026) compared to last year (2025)?
Topic: Prices and Wages
| Total [n=239] | Manufacturing [n=78] | Non-Manufacturing [n=161] | |
|---|---|---|---|
| More Frequently | 24.3% | 37.2% | 18.0% |
| About the same frequency | 53.6% | 42.3% | 59.0% |
| Less frequently | 10.0% | 10.3% | 9.9% |
| Not sure | 2.1% | 1.3% | 2.5% |
| Not applicable | 10.0% | 9.0% | 10.6% |
5. Compared to this time last year, how has your firm's ability to adjust prices changed?
Topic: Prices and Wages
| Total [n=239] | Manufacturing [n=79] | Non-Manufacturing [n=160] | |
|---|---|---|---|
| Much easier to adjust prices | 2.5% | 0.0% | 3.8% |
| Somewhat easier to adjust prices | 15.1% | 21.5% | 11.9% |
| No change in difficulty | 43.1% | 41.8% | 43.8% |
| Somewhat harder to adjust prices | 24.3% | 20.3% | 26.2% |
| Much harder to adjust prices | 10.9% | 15.2% | 8.8% |
| Not sure | 0.4% | 0.0% | 0.6% |
| Not applicable | 3.8% | 1.3% | 5.0% |
6. In the past few years, has your company adopted any new strategies for how it sets or adjusts prices? (Select all that apply)
Topic: Prices and Wages
| Total [n=238] | Manufacturing [n=78] | Non-Manufacturing [n=160] | |
|---|---|---|---|
| Surcharges (e.g. fuel, delivery, or cost recovery fees) | 20.6% | 29.5% | 16.2% |
| Contract Contingencies (e.g, clauses that cover price changes) | 14.3% | 15.4% | 13.8% |
| Inflation linked or index-based price changes | 30.7% | 32.1% | 30.0% |
| Dynamic pricing (prices vary with demand and market conditions |
26.1% | 19.2% | 29.4% |
| AI driven or algorithmic pricing | 2.9% | 1.3% | 3.8% |
| Personalized/consumer-specific pricing |
36.1% | 50.0% | 29.4% |
| Other (Please specify) |
11.8% | 11.5% | 11.9% |
| No, we have not adopted any new pricing strategies (Mutually Exclusive) | 16.8% | 17.9% | 16.2% |
7. Why have you adopted pricing strategies? (Select all that apply)
Topic: Prices and Wages
| Total [n=196] | Manufacturing [n=63] | Non-Manufacturing [n=133] | |
|---|---|---|---|
| Rising input (non-labor) costs | 58.2% | 71.4% | 51.9% |
| Unpredictable changes in input (non-labor) costs | 40.8% | 68.3% | 27.8% |
| Rising labor costs | 50.0% | 44.4% | 52.6% |
| Unpredictable changes in labor costs |
11.2% | 6.3% | 13.5% |
| Changing demand | 25.5% | 17.5% | 29.3% |
| Increased willingness of consumers to accept more flexible pricing | 12.8% | 11.1% | 13.5% |
| Competitive pressure | 32.1% | 23.8% | 36.1% |
| New technology has enabled a more dyamic pricing strategy | 8.2% | 1.6% | 11.3% |
| Need to restore profit margins | 48.0% | 55.6% | 44.4% |
| Other (Please specify) | 10.2% | 12.7% | 9.0% |
Past Special Questions
- 2026
-
2025
- December
Outlook, Artificial Intelligence, Operations - September
Outlook, Employment, Revenue and Margins - August
Tariffs, Prices and Wages, Supply Chain, Revenue and Margins - June
Employment - May
Tariffs - March
Tariffs, Supply Chain, Prices and Wages - February
Prices and Wages
- December
-
2024
- December
- November
- August
- June
- May
- March
-
2023
- September
- August
- June
- May
- March
- February
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