JACKSONVILLE, Fla. — One Jacksonville restaurant owner has cut items from his menu and raised the price on others due to high inflation.
He posted a video on social media explaining the challenges of doing business while inflation rates skyrocket.
“The fluctuation that happens every week is just absolutely crazy," said Kenny Gilbert, Owner and Head Chef at Silkie’s Chicken and Champagne Bar.
Chef Gilbert says when he opened Silkie’s in November 2020, he could buy chicken breasts for about a dollar per pound. Now, he says costs have tripled to about three dollars per pound.
“If I see that it’s stabilizing a little bit then I may not adjust the price, but if I see that it’s constantly going up that at some point I have to be because otherwise, we’ll be out of business," Gilbert said.
With the consumer price index sitting at a 40-year high of 8.5%, the price of food and gas has jumped.
According to Abdel Messa, CEO of MarketCipher Partners, supply chain issues created due to COVID-10 and energy impacts due to the war in Ukraine are the biggest reasons.
And while the rate could go down, it will take time.
“For example, the implied rate for around 5 years is 3.5%. So, the market is still pricing in lower inflation compared to today, but not going back to the 2% quickly. Which makes sense to me because it’s going to take time to bring down inflation," said Messa.
For business owners who are forced to pass the impacts off to customers like Gilbert, he’s asking for understanding.
“Yesterday’s price is not today’s price, and we have to just keep being conscious about what’s going on and make adjustments accordingly," said Gilbert.