Inflation Squeezes Small Restaurants as Minimum Wage Rises

Minimum wage hikes and high inflation are hurting small, independent restaurants who don't want to raise prices.

59% of small business owners said higher labor costs were the biggest source of inflation in January.

Restaurants are struggling to retain workers due to competition from gig jobs and having to increase wages.

Fast food chains have done better absorbing costs thanks to mass production, unlike independent restaurants.

One Denver restaurant raised prices but still can't turn a profit, as food away from home costs rose 30% since January 2019.