Huntsville, Alabama (WAFF) – Rising inflation is making it harder for small businesses and local businesses to keep up.
Morgan Stillman, owner of the locally-owned Kendley Collection Boutique, says the prices in his store have increased.
It is believed that people’s budgets are tighter and they are spending less on clothing and accessories as the prices of everyday items are rising, Stillman said.
She says she doesn’t want to, but has had to make the tough decision to raise prices to combat rising product prices.
“We’re certainly seeing prices go up. It’s probably been six months since we’ve seen prices go up, and it’s a pain to raise prices for our customers,” Stillman said.
Stillman hopes prices will drop soon. Along with her rising prices, it has also become harder to find her employees, which she said has taken its toll on her.
“It’s definitely a lot harder to secure staff now,” Stillman said. “We had a short period of time when we didn’t have many staff. I know he was working like crazy here 24/7.”
Dr. Wafa Orman, an associate economics professor at the University of Alabama in Huntsville, says it’s small businesses, not big box retailers like Walmart and Target, that are suffering.
That’s because major retailers bought last year’s merchandise in bulk, according to Dr. Orman.
“They’re looking at things that are being made now rather than things that have taken a very long time to get here. The prices for these may be a little higher,” Dr. Orman said. rice field.
According to Dr Orman, local business owners are paying the price, and things are only going to get worse as inflation continues to rise.
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