GREENSBORO, N.C. (WGHP) — As prices go up, is spending going down? Business owners say “no. Not yet at least.”
Inflation is the word on everyone’s lips and the pain felt in most people’s wallets.
Business owners are trying their best to keep up with the rising costs, not only to keep their businesses afloat but to keep customers happy as well.
Pam Hubay, the owner of Plank Street Tavern in High Point, says they’ve raised the price of all their drinks by 25 cents to offset increased product costs.
“Some of the alcohol has had…increases. Our biggest increase that we have seen has been in our condiments and in our citrus for lemons limes and oranges. Those have really have gone up in price,” Hubay said.
They’re not the only business that has had to charge their customers more. Brandi Crumley, the owner of the Blooming Board in High Point, says she has as well, but their customers don’t seem to mind it too much.
“I think you’re still seeing people wanting to come out. It might not be as much as before, but they’re still wanting to get out. They’re wanting to support the local businesses. They’re wanting to do fun things. And if it costs a little more, I think they’re OK with that right now,” Crumley said.
While people seem to still be spending, more have a much closer eye on where those dollars are going.
The national average price at the pump reached $4.99 on Friday, according to AAA. The cost of groceries went up almost 12% last month compared to last year–the biggest increase since 1979.