Philadelphia Business Owners Struggling With Whether To Raise Prices As Supply Prices Continue To Rise

The current economic landscape is leaving business owners to consider tough decisions — raise prices or cut back on employees.

McGill owns the stand French Toast Bites at Spruce Street Harbor Park. She hasn’t had to raise prices yet, but she says the cost of her supplies has gone up. “We haven’t raised our costs yet and I haven’t cut our staff’s hours yet or anything like that yet,” McGill said. “We’re navigating through the inflation.”“I think we’re about a season away from upping the cost just a little bit because we still have to function,” McGill said.

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Global stocks, oil prices higher before likely US interest rate hike to cool surging inflationThe Federal Reserve on Wednesday is expected to announce an increase of up to three-quarters of a percentage point in its benchmark interest rate, triple its usual margin.
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