us economy – Cincy Link https://cincylink.com Explore Cincy Sat, 29 Jan 2022 14:57:11 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://cincylink.com/pub/content/uploads/sites/27/2020/03/apple-touch-icon-precomposed-100x100.png us economy – Cincy Link https://cincylink.com 32 32 Inflation Forces Businesses To Adjust https://cincylink.com/2022/01/29/inflation-forces-businesses-to-adjust/ https://cincylink.com/2022/01/29/inflation-forces-businesses-to-adjust/#respond Sat, 29 Jan 2022 14:57:11 +0000 https://cincylink.com/?p=141820

The pinch of inflation is creating a crunch for some businesses across the country and across industries. 

Businesses around the United States face a new challenge in this pandemic: raising the price of the products they sell. 

"The rent's going up, the labor's going up, the food cost is going up," said Pete Boland, the managing partner of The Galley and Mary Margaret's Olde Irish Tavern in St. Petersburg, Florida. 

Inflation, Boland said, is a real problem.

"The $3 tacos aren't $3 tacos anymore. The days of $3 beer are long gone, too," said Boland. 

In his business, he said he's looking at the price of things like to-go boxes, fry oil, chicken breasts. Like others, his operating expenses fluctuate with the market. 

"So we're trying to be creative with things like portion control, making sure we're watching people's hours and labor, making sure that if there's a way to increase price that there's a good perception of value," he said. 

They're not alone.

The PwC Pulse Survey of executive views found more than 60% of business leaders surveyed believed they'd likely have to increase the prices of goods and services this year, and more than two-thirds expected inflation to remain high this year. 

"If you think about the continued supply chain difficulties with imports still sitting in containers in major points in the country and the reality that we are living in one of the lowest inventory-to-sales ratios that we've seen probably since World War II, you realize that this inflation, while we had hoped it would be fleeting, is probably here for at least 18-24 months," said Byron Carlock, Jr., the national leader of PwC's U.S. real estate practice. 

Carlock said the adjustments upwards appear prevalent in most industries. 

"I think the fed is going to continue to show us their strength in moderating inflation," he said.

"I think all efforts will be to contain the inflation and hope that once the supply chain levels out again we will see prices begin to stabilize."

Experts say for many managers, it's the first time they've experienced inflation like this. 

"This is the first rodeo of severe price inflation for many businesses and for many managers," said John Quelch, dean of the Miami Herbert Business School.

"It's important they adjust their prices in sync with the cost input adjustments they're having to bear on raw materials, on wages, so forth."

Quelch's advice is to buy early and buy often.

"Even though the supply chain problems were and are still part of the inflation equation, they are not such a large part of it that once they're fixed inflation is going to go away," he said. 

At The Galley, Boland said the digital menu makes it easier for them to adjust their prices.

Right now, customers will find a $4 increase in the wings since September. But Boland explained they have a loyal following. 

"You know the economy's raging here so people are a lot less price-conscious than they used to be, and they are understanding that the world has changed," he said.

This story was first reported by Haley Bull and Lindsay Tuchman at Newsy.




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]]> https://cincylink.com/2022/01/29/inflation-forces-businesses-to-adjust/feed/ 0 McCarthy rips Pelosi's 'pure politics' response to coronavirus https://cincylink.com/2020/04/03/mccarthy-rips-pelosis-pure-politics-response-to-coronavirus/ https://cincylink.com/2020/04/03/mccarthy-rips-pelosis-pure-politics-response-to-coronavirus/#respond Fri, 03 Apr 2020 12:21:28 +0000 https://cincylink.com/mccarthy-rips-pelosis-pure-politics-response-to-coronavirus/

House Minority Leader Rep. Kevin McCarthy says lawmakers should be focused on taking care of the coronavirus crisis instead of creating 'redundant' oversight measures.

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]]> https://cincylink.com/2020/04/03/mccarthy-rips-pelosis-pure-politics-response-to-coronavirus/feed/ 0 Amazon, Instacart workers stage walk out, demand hazard pay https://cincylink.com/2020/03/31/amazon-instacart-workers-stage-walk-out-demand-hazard-pay/ https://cincylink.com/2020/03/31/amazon-instacart-workers-stage-walk-out-demand-hazard-pay/#respond Tue, 31 Mar 2020 17:25:31 +0000 https://cincylink.com/amazon-instacart-workers-stage-walk-out-demand-hazard-pay/

Are the companies doing enough to protect their workers? Former CKE Restaurants CEO Andy Puzder reacts.

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]]> https://cincylink.com/2020/03/31/amazon-instacart-workers-stage-walk-out-demand-hazard-pay/feed/ 0 Mnuchin on Trump's eagerness to get Americans back to work https://cincylink.com/2020/03/29/mnuchin-on-trumps-eagerness-to-get-americans-back-to-work-2/ https://cincylink.com/2020/03/29/mnuchin-on-trumps-eagerness-to-get-americans-back-to-work-2/#respond Sun, 29 Mar 2020 18:36:40 +0000 https://cincylink.com/mnuchin-on-trumps-eagerness-to-get-americans-back-to-work-2/

Treasury Secretary Steven Mnuchin, member of the White House coronavirus task force, joins Chris Wallace on 'Fox News Sunday.'

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]]> https://cincylink.com/2020/03/29/mnuchin-on-trumps-eagerness-to-get-americans-back-to-work-2/feed/ 0 Sen. Graham pins Pelosi's attack on Trump as 'shameful, disgusting' https://cincylink.com/2020/03/29/sen-graham-pins-pelosis-attack-on-trump-as-shameful-disgusting-2/ https://cincylink.com/2020/03/29/sen-graham-pins-pelosis-attack-on-trump-as-shameful-disgusting-2/#respond Sun, 29 Mar 2020 16:40:00 +0000 https://cincylink.com/sen-graham-pins-pelosis-attack-on-trump-as-shameful-disgusting-2/

Senate Judiciary Committee Chairman Lindsey Graham joins ‘Sunday Morning Futures.’

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]]> https://cincylink.com/2020/03/29/sen-graham-pins-pelosis-attack-on-trump-as-shameful-disgusting-2/feed/ 0 Kellyanne Conway teases possible 'phase four' of coronavirus relief bill https://cincylink.com/2020/03/26/kellyanne-conway-teases-possible-phase-four-of-coronavirus-relief-bill/ https://cincylink.com/2020/03/26/kellyanne-conway-teases-possible-phase-four-of-coronavirus-relief-bill/#respond Thu, 26 Mar 2020 18:09:00 +0000 https://cincylink.com/kellyanne-conway-teases-possible-phase-four-of-coronavirus-relief-bill/

White House counselor Kellyanne Conway breaks down details of coronavirus stimulus package.

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]]> https://cincylink.com/2020/03/26/kellyanne-conway-teases-possible-phase-four-of-coronavirus-relief-bill/feed/ 0 How quickly will Americans get checks from the $2T relief bill? https://cincylink.com/2020/03/26/how-quickly-will-americans-get-checks-from-the-2t-relief-bill/ https://cincylink.com/2020/03/26/how-quickly-will-americans-get-checks-from-the-2t-relief-bill/#respond Thu, 26 Mar 2020 14:35:57 +0000 https://cincylink.com/how-quickly-will-americans-get-checks-from-the-2t-relief-bill/

Congressman Michael McCall discusses expectations for the timeframe when stimulus checks will be in the hands of American workers and businesses.

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