Local businesses raise prices due to inflation

Published: Oct. 26, 2022 at 5:57 PM CDT
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LAWTON, Okla. (KSWO) - “It was slowly going up from time to time, but when the pandemic hit it was increasing at an extreme level to a point where we realized that the supply cost went up about 40 to 45% in the past two years alone,” said Joone Jeong, co-owner and manager of Youngs Donuts.

A family-run donut shop in Lawton exemplifies the struggles many small businesses have faced since the pandemic: raise prices or close their doors.

While inflation plays a factor, the bigger issue comes from issues with the supply chain.

“The supply side is still struggling with logistic difficulties in the supply chain. Sometimes they have to wait months even years to get certain parts,” said Dr. Syed Ahmed.

The shop has been around the Lawton community for over a decade and hasn’t changed its prices.

But with the cost of supplies, flour, chocolate and sugar increasing they have to make a choice.

“Local business can always pass the inflation rate inflation or increase the price to the consumer. In that case, they will not be affected, they will just pass on the cost. For example, if the cost of the raw material rises, they will pass it,” said Dr. Ahmed.

This is exemplified by the donut shop which will soon see new prices on its displays.

“We haven’t changed the prices yet. We have been selling a glaze, chocolate donut for $0.55 each for the past 12 or 13 years, but we are planning on going up by probably $0.10,″ said Jeong.

Youngs Donuts said even as they raise prices, they’re trying to think of the community and keep the increases fair.

“It’s not a huge increase, but we want to make sure that the cost makes sense and also want to make sure the community is not overpaying for anything,” said Jeong.