An Argentine store owner was surprised by an updated price list from the supplier, revealing prices of snacks, condiments, sodas, and ice creams, surging up to 60% since late July.
The price list offers a window into how these market shocks are passed on to small business owners, and eventually customers. Acuna said products that are imported, face scarcities, or are seasonal see the highest increases.
Juan Pablo Spagnolo, 46, another convenience store owner, said after initial increases of 40%-50% on Monday and Tuesday compared to the previous month, by Wednesday he had received lists with more"reasonable" increases, ranging from 15% to 25%. Convenience store owner Ernesto Acuna, 50, raises the price on the tags of chocolate bars in his store after the government devalued the peso, following Argentina's primary elections, in Buenos Aires, Argentina, on Aug. 17, 2023.
Since March, business owners have received updated price lists from their suppliers twice a month, double the frequency of a year ago, said Acuna. Any drastic news, such as Monday's devaluation, can lead to an additional list, he said. The price hikes are much steeper than past years, at least 10% per month, but with some products seeing much higher rises., treading a fine line between maintaining profitability and ensuring a steady clientele, according to Acuna.
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