SALT LAKE CITY (ABC4) – A global pandemic, supply chain issues, and worker shortages. Many small businesses have struggled to stay afloat in the last couple of years. On Wednesday, the Department of Labor’s Bureau of Labor Statistics released new numbers showing the price of goods and services have risen at the fastest rate since 1982.
“It’s almost like sticker shock for us, we go to pick up our stuff and we’re like oh man… I didn’t know that went up so much overnight,” says Brandy Ledbetter, one of the owners of Kings Peak Coffee Roasters in Salt Lake City. Ledbetter says soaring prices are impacting her business significantly. “Our core coffees that we use have doubled in price since we first opened.”
While some businesses have changed pricing to reflect rising prices of goods, Kings Peak Coffee Roasters isn’t one of them.
“Small businesses have to stay competitive with the big business or else no one supports you, so we haven’t raised prices,” says Ledbetter. And it comes with a cost. “We’ve just cut into our own margins. So our own bottom line for ourselves.”
Ledbetter is hoping the situation will turn itself around, but in the meantime, plans to continue serving as many customers as they can.
“We love being able to support local businesses like with our bakery items we get from local businesses, and our teas we get from a local business, so coming and supporting us actually supports a lot of local businesses,” says Ledbetter.