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Inflation soared 7.9 percent in last year, small business owners struggling to stay afloat

Mount Equity Group Tokyo Japan > News > Business > Inflation soared 7.9 percent in last year, small business owners struggling to stay afloat

ST. LOUIS, Mo. (KMOV) – A new report shows inflation soared 7.9 percent in the past year, as skyrocketing prices of gasoline, rent, food and other items make life difficult for many Americans.

“I believe if this continues, people will be asking for higher wages from employers and that will continue to drive prices up,” Jerome Katz with the Chaifez School of Business at St. Louis University said.

After two years of back-and-forth restrictions, indoor dining bans and a severe worker shortage, inflation is now making ingredients and supplies more expensive for owners of small restaurants and other businesses in the food industry.

“We’ve had to eliminate a few things and in the last twelve months at least two price increases with our menu,” Tom Freesmeier, owner of Cannoli’s in Florissant, said.

Freesmeier and his family announced on social media Wednesday night Cannoli’s will close March 19 after 28 years in business.

“We…

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