Inflation isn’t the only factor engendering higher prices, though. Labor shortages are also leading some small businesses to raise their rates. Having to spend more money on supplies, inventory, etc., hurts the bottom line of any establishment.
The same predicament furthermore applies to not having the necessary hands on deck to assist with the business operations. Amid inflation, supply chain problems are also causing issues for small business owners across the country.
No end in sight?
For the time being, inflation appears here to stay. Last year, economic experts projected inflation to last for the better part of this year, if not into 2023.
At the end of the day, everyone is having to make some adjustments. With the US dollar having less reach than it used to, businesses don’t have any other options but to raise prices.
Nevertheless, this still creates a bind for consumers. Salaries aren’t increasing as inflation does; therefore, people are faced with situations where their income is either stagnating or remaining the same while everything else gets more expensive.
