A new survey shows that about 60% of small businesses are raising prices – the highest percentage in nearly 50 years.
The news comes as inflation sits at 7.5%, the highest number in 40 years. Small business owners continue to struggle to stay afloat without passing on large increases to customers.
The owner of Fresco by Jimmy in Metuchen now makes his own cannoli filling to save money and hopefully not pass the increased cost onto customers.
Small businesses in Ridgewood are also in similar positions, and supply chain disruptions are adding to the fight. At the Steel Wheel Tavern, they say they won’t change prices so drastically that it puts off customers, even though disruptions in the supply chain are causing them to pay almost 40% more for beef and that chicken has increased by almost 20%. They say the only solution now is to have happier customers.
“We’re going to get through this, we’re going to do it with a smile and we’re going to hope people love our products and come back,” says Glenn Carlough, owner of Steel Wheel Tavern.
It’s not just the restaurants. A tuxedo store pays about 10% more for clothing and accessories, if they can even get them.