PENFIELD, N.Y. — The inflation report released today shows the war is having a ripple effect across the economy as energy prices surge.
The report shows the Consumer Price Index during the month of April rose at the fastest rate since May 2023, going up 3.8%. The core index, which doesn’t include food and energy, rose 2.8%.
News10NBC’s Declan Stablow spoke with a local pizza shop owner about how rising costs are impacting his business. Colin Janick owns The Pizza Shoppe in Penfield and says the cost of ingredients just keeps going up. Costs started rising even more this past winter, Janick said.
Produce, eggs, dairy and commodity goods like chocolate have gone up the most. For some items, his cheapest options right now cost more than the priciest options did this time a year ago.
“Things like pepperoni or other things like that, we see things like a $20 increase per case. When it keeps being more and more items over the course of time and how much you use per week, it all adds up significantly,” Janick said.
Last April, 28% of his monthly sales went towards buying ingredients. This April it was 30%, Janick said.
Janick is always looking to find cheaper suppliers but says it’s a balancing act to avoid cutting back on quality.
“When I’m looking for the best pricing, it can’t be at the expense of quality because I’m not willing to skimp on the quality that my customers expect, that I expect,” he said.
Janick also has to make sure he doesn’t price out his customers to make up for rising expenses.
“You can’t go to high-end pricing because no one can afford any higher prices these days. So you have to find something where you’re just making enough to keep the lights on and stay open,” he said.
Janick says he did have to raise his prices earlier this year, but he tries to raise the price of every product at once. Janick says inflation is hitting especially hard for small businesses. He worries that as costs go up, more and more will have to close.
Inflation report shows consumer prices rose at fastest rate since May 2023, hitting 3.8% in April WHEC.com.
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