SARATOGA SPRINGS, NY (WRGB) — Since the COVID-19 pandemic small business owners have been biting the bullet of inflation.
“Inflation is a thing, this time last year a 36-pound case of butter cost $130 and the same thing now costs $177,” said Daniel Chessare, Owner of Saratoga Broadway Deli.
The Saratoga Broadway Deli is getting creative to curb costs where they can.
“What we do know is go further back on the production chain, we get it raw pastrami and smoke it ourselves and that’s only 6 dollars a pound. If I had the facility to cure my pastrami and get raw brisket, I could do it for $4 a pound.”
Wage changes, rent costs, and the importation of goods are the most expensive parts of inflation. Experts say recent numbers show we are starting to see some relief.
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“Inflation reached 8% in 2022 which was a 40-year high as we look at May 2024 for instance inflation ticked down to 3 and a half percent year over year. So that’s the lowest level that we’ve seen in three years,” said Katie Newcombe, Chief Economic Development Officer for the Center of Economic Growth through the Capital Region Chamber of Commerce.
The presidential election looming across the country plays a bigger role in small business success than we may think, even if the president doesn’t control inflation.
“How are my taxes going to look in the future, and what might happen with tariffs; many small businesses source materials from overseas or they produce materials in the United States that have components from overseas,” added Ben Johnston, COO of Kapitus a financial consulting firm for businesses around the country.
