TAIPEI (Taiwan News) — More than half of Taiwan’s businesses say they plan to hike prices due to the pressure of rising costs, according to a survey published by a job bank Tuesday (March 15).

The 1111 Job Bank received 756 valid responses from companies, with 91.5% expressing optimism about the economic situation, Radio Taiwan International reported. Almost half, or 47.3%, said their business has returned to the pre-pandemic level, while 5.2% said they are doing even better than before.

In the services sector, 94% of employers said they plan to recruit new staff within the next six months. Meanwhile, 40% said they are willing to offer pay raises, with an average raise of 7.2%.

However, with the war in Ukraine resulting in price rises for oil, raw materials, and foods, a majority of businesses said they would be unable to avoid hiking the prices of their products and services in the near future. The survey found 54% are already preparing to raise prices, while 30% will try to postpone hikes as long as possible.