Small business owners struggle amid rising inflation

SAN FRANCISCO, CALIFORNIA - AUGUST 11: A pedestrian walks past a fall on August 11, 2020 in San Francisco, California.  More than 2,000 businesses in the San Francisco Bay Area have closed permanently, and many more small businesses are struggling to stay afloat as the coronavirus (COVID-19) pandemic continues around the world.  (Photo by Justin Sullivan / Getty Images)

A pedestrian walks past a closed jagged door. (Photo by Justin Sullivan / Getty Images)

OAN . editorial office
UPDATE 6:10 PM PT – Friday, December 10, 2021

Amid the country’s highest inflation since 1982, small business owners have no choice but to raise prices. Under the Biden administration, inflation is at a record 6.8 percent, compared with 0.8 percent last year.

During Friday’s press conference, Joe Biden said inflation is expected to decline in the coming months. However, consumers and business owners across the country continue to struggle financially as the cost of almost everything continues to rise with no sign of stopping.

Due to a number of obstacles, small business owners are more or less forced to raise prices to survive.

“My business partner and I found that we needed cups of coffee, coffee, sugar, milk, everything was a lot more expensive,” said small business owner Neha Chawla. “Everything was hyped, and as you know, the workforce… it was hard to find the people who worked the last bit to turn the situation around. So everything is overblown. It’s just what new life is now. ”

Meanwhile, Biden and his administration have continued to downplay the country’s supply chain crisis and blame it on the coronavirus. Although, some small business owners disagree that the virus is the sole cause of inflation, adding that their business has thrived when the pandemic began.

Hobby store owner Marc Hobbs said his business performed particularly well in late 2020, but in the past few months things have changed dramatically.

“You know, if the wholesale price goes up 15%, then our MSRP, or you know, the suggested retail price, goes up 15% too,” Hobbs explains.

Meanwhile, small business owners continue to ask consumers for more support and it remains unclear whether Biden’s promise that inflation will be contained will actually materialize.

“It’s important that we all do our part, especially during the holiday season, and shop locally as much as possible instead of supporting the big canteens,” says Chawla. . “Everybody has a supply chain problem. We have a retail store. We have a lot of inventory, our inventory has increased by a decent percentage. So, little by little help by supporting local businesses. ”

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