Survey: 60% of small businesses raising prices due to high inflation. But what about New Jersey?
A new survey shows about 60% of small businesses are raising prices -- the highest percentage in nearly 50 years.
The news comes as inflation resides at 7.5%, the largest number in 40 years. Small business owners continue to struggle to stay afloat without passing large increases on to customers.
“You have to make certain margins just to stay in business to keep the lights on, pay your staff, but at the same time, the customers don’t want to overpay for things,” says James Jones, with Fresco by Jimmy.
The owner at Fresco by Jimmy in Metuchen is now making his own filling for cannoli as a way to save and hopefully not have to pass increased costs on to customers.
“We started making our own cannoli filling, we sourced of the best ingredients,” says Jones. “I could get, and I actually think we have a better product now that we had a four with better margins.”
But there is optimism out there. With COVID-19 retreating and spring near, parties are scheduled and restaurants are hoping to be bustling again.