Prices are going up and there’s a good chance they’re not coming back down for a while, according to economists. A breakdown in the global supply chain and a shortage of workers are driving the cost of many goods up.
Periods of inflation always have ripple effects on the economy and this time is no different. The impact has been especially bad for small businesses struggling to stay afloat during the pandemic.
Michelle Smith, who owns Brewed Downtown, a cafe in Jacksonville, North Carolina, wrote in Newsweek:
For small businesses, things are only getting worse. For those of us who managed to scrape through the lockdowns, a new disaster has emerged: the supply chain crisis. And it’s killing those of us that somehow managed to survive.
We speak with Michelle and an economist about what is up with inflation, and why the consequences could last some time.
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