Fargo-Moorhead small business owners reflect on the impacts of inflation
FARGO, N.D. (Valley News Live) - Inflation has been causing prices in the U.S. to soar in certain areas. It is definitely impacting small business owners who have to adapt to keep their businesses going.
“It was a surprise when it went up so fast. I’ve had to change some of my prices just to be able to survive,” said Matt Steidl, owner of Matt’s Mess. “If it’s any indication, it’s really hard.”
The rate of inflation has climbed to 6.2% as of October, a stark increase compared to when it was at 1.7% in February. Leaving these small business owners having to figure out the ever-changing market.
“It’s obviously really hard, when your costs have to go up, then your prices have to go up.” said Jennifer Ebens, owner of Hooked on Yarn.
At the Holiday Inn on 13th Ave. S., vendors gathered at the J2K Craft and Vendor Fair. Giving people an opportunity to promote their products and connect with others in the community. Steidl gave advice for businesses that are facing these price hikes.
“Don’t under price yourself, your work is worth it. People will come if they like, they’ll like it if it’s a little bit higher, they understand.” said Steidl.
These small businesses are having to lean on one another and receive support from the community, with some saying it helps with trying to offset the impacts of inflation.
“So it’s really important that we all support each other because if we can’t do it then how do we expect anyone else too.” said Ebens.
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