After two grueling pandemic years, inflation is climbing the list of challenges for small businesses.
Austin, said she’s losing about 12 cents per pallet due to rising costs of lumber and fuel, which adds up to about $10,000 in a month. For now, she’s eating the cost so that she doesn’t lose customers, which include food, technology and packaging warehouses that use her products to store and move their own. When her losses get up to 15 cents per pallet, Razo’s decided, she’ll have to raise prices.
“I think it’s still hard,” said Sandi Price, the executive director of the Rogers Park Business Alliance. Jesse Reed, the owner and founder of sustainable dry cleaning business Green Collar Cleaners in Chicago's Hyde Park neighborhood, gets orders ready for customer pick up on March 25, 2022. Reed wasn’t eligible for most pandemic aid programs.
on “necessity goods” such as food, energy and transportation. The model found that for households making between $20,000 and $100,000 a year, increases in wages offset the higher cost of living on average. Working households making below $20,000, however, saw wages increase only about one-third of the increase in their cost of living.
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