Posted by on June 21, 2022 1:35 pm
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WATCH: Small businesses feel strain of rising prices and inflation

Small business owners discuss impact of rising prices and inflation on Fox & Friends, Tuesday, June 21, 2022. (Fox News)

WATCH: Small businesses feel strain of rising prices and inflation

Heather Hamilton June 21, 12:51 PMJune 21, 12:51 PM Video Embed

This year’s inflation surge amid rising prices is causing many people to rethink their spending, especially about more expensive home repairs, thus affecting small business owners.

Inflation in the United States is sitting at around 8.6% year-over-year, the highest it has been in 40 years. Former Treasury Secretary Larry Summers said the economy would not see a reduction in inflation without a recession occurring.

Fox & Friends First (clip) – rising prices impact on small business

Small business owners told Fox & Friends Tuesday that customers are opting not to complete jobs or are looking to finance them in previously unforeseen ways.

“People are starting to decide: Fix your air condition, buy gas, or buy groceries,” said Brandon Brown, the owner of Browns Heating & Air. “We’ve seen the increase in people financing, not only new systems but repairs for the first time. We joined with a finance company that will help them repair their systems but finance it as an option. But it’s definitely getting scary when 95 or 96 degrees around here in a heat wave and they can’t cool their house.”

Brown said he tries to find options besides financing for customers due to the high interest rates.

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Ben Noffke, the president of Noffke Roofing, said people are opting to repair their roofs when a replacement would have typically been the choice.

“The cost of roofs is … substantially climbing,” Noffke said. “Dating back to January of last year, the cost of the roof is up probably 50%, and we’re on a trend right now of the homeowners are saying, ‘I can’t afford the roof. I am more so just looking to repair it at this time.’”

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Keith Troyer of Olentangy Maids also said that people are suspending services because finances are not stretching as far.

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