Although there has been a slowdown in prices, the higher costs of running their small businesses have many owners settling in for the long haul.
CLEVELAND — The U.S. Bureau of Labor Statistics will be releasing its newest inflation data Tuesday, and many experts anticipate the Consumer Price Index will show a slowdown in price increases in the month of August. Although that would be viewed as welcome news after inflation set new records over the summer, the higher costs of running their small businesses have many owners settling in for the long haul.
The surging inflation rate over the past several months has been fueled by substantial increases to food and energy costs, both of which have been felt by Nick Semertsidis, the owner of Gus’s Old Brooklyn, a longtime restaurant in Cleveland’s Old Brooklyn neighborhood. What started as small increases for items like eggs, potatoes and milk, have in some cases turned into triple-digit increases.
Semertsidis said a 50 lbs. bag of potatoes cost him $14 to $18 at one time. However, that same bag now costs well over $40. The same has held true for eggs — a staple in his all-day breakfast offering — which are now more than $40 per case.Small businesses in need of capital to grow or re-tool their businesses are also feeling the bind. Consecutive increases to interest rates have made borrowing substantially more expensive. Consumers aren’t immune either.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
As small businesses raise prices, some customers push backInflation isn’t only costing small businesses money. It’s costing them customers as well.
Read more »
As small businesses raise prices, some customers push backInflation isn’t only costing small businesses money.
Read more »
IRS to refund late fees for some small-business owners and individuals - Phoenix Business JournalThe IRS said it will refund late fees to some small-business owners if they meet certain conditions. Here's what businesses need to know.
Read more »
IRS to refund late fees for some small-business owners and individuals - Silicon Valley Business JournalThe IRS said it will refund late fees to some small-business owners if they meet certain conditions. Here's what businesses need to know.
Read more »
Americans' inflation expectations dropped again in August, New York Fed saysThe New York Federal Reserve released a new survey on Monday revealing that American households expect inflation to cool slightly over the next three years.
Read more »