Inflation hits home for local businesses
The Federal Reserve raised interest rates again today to battle rising inflation and to stave off a possible recession.
This is impacting business owners like Sonny Garey, of Sonny’s Meat Market in Edison.
When Garey first opened his butcher shop a year ago, he saw plenty of support coming from New Jersey and other states.
Since then, his business has struggled to stay afloat as the price of meat went up. To save a few dollars, he shops around before making purchases.
He's also tried to keep his prices the same for the sake of his customers, who he says are also struggling.
However, it's hard to keep the prices steady to pass on the savings to his customers who used to buy bigger quantities.
“Before, they'd come in and buy a ton of meat. They'd spend $60-80 like nothing. Now they come in, you see they spend like $30...$20… Consumers just can't afford to pay these prices and it's making it really, really tough out here,” he says.