From 2020 to the end of 2024, prices for all items have increased 21.20%, making a 21 cent increase in value within four years.
The continuous rising inflation rates have reflected across the states and have impacted local businesses.
According to the United States Business Administration, small businesses account for 99.9% of firms in the United States. But what is considered a ‘small business’?
A small business is considered a business with a revenue ranging from $1 million to $40 million and with an employee count under 500.
Although these businesses are the backbone of the economy, many of them find themselves constantly monitoring inflation trends.
“You’re going to feel it, when you look at the numbers at the end of the week, when you look at the numbers at the end of the month,” Louie’s Cafe general manager Fred Simonson said, “you can get eaten up pretty quick if you don’t.”
In many cases, like local Baton Rouge diner Louie’s Cafe, businesses struggled coming out of the pandemic trying to find a solution to keep their profit going.
“If we didn’t raise our prices in the past few years we wouldn’t be able to operate for sure, so we have had to go up on prices,” Simonson said.
You may have also recently seen signs on restaurants about their increase in egg prices, due to egg prices reaching a record high.
This is due to the high loss of egg-laying flocks dying from highly pathogenic avian influenza.
As of now this may be the peak of egg prices but since 2020 egg prices have risen 68% and are expected to go up even more this year if the bird flu is not contained.
“Commissioner Strain, said that the future on wholesale egg prices were seven dollars a dozen,” LSU AgCenter Poultry Production Assistant Agent William Strickland said, “and I know I am not paying seven dollars a dozen yet.”
Even though many businesses have increased their prices, many of them are lucky enough to still have the support of their customers.
In January of 2025 alone the Consumer Price Index went up by 0.5%, CPI data for February will be released on March 12.
