Peckham-based businesses have told South London Lines that they have been strongly impacted by the rising cost of living.
Inflation eased slightly to 10.7% in November from its 11.1% rate in October this year, however, costs are still rising and putting a strain on businesses and their ability to properly cater to customers, as well as on the lives of business owners.
Business owners, especially those who are not originally from the UK, expressed their concerns about the “alarming costs” they are facing.
A representative from an immigrant-owned clothing shop ‘Women’s Only World’ (WOW) on Peckham Rye Lane, who did not wish to be named, told South London Lines: “Per day now I spend 15 pounds on gas and per month about 450 pounds.” He said that he felt the costs were too high and that he could barely afford it.
He further stated how it had affected his home life and his ability to keep his family warm during the winter: “In just four days, I have spent 70 pounds worth of gas, because it is very cold outside, I have two kids and I have to keep them warm.” He added: “It’s ridiculous, the government should look into this matter more.”
Another worker at Women’s Only World strongly agreed with his colleague’s opinion and said the costs were excessive.
Anjola Delano of ‘Milola.Jewels,’ an Instagram-based jewellery business, told South London Lines: “it’s getting more expensive to outsource goods and it puts a strain on my profit because I don’t want to increase my prices too much.”
Her internet-based business may be even more affected by the cost crisis due to the rising delivery costs of some service providers. However, she told South London Lines that her delivery had not been affected by the crisis.
Other immigrant-owned businesses who preferred to remain anonymous had mixed emotions towards the rising costs.
A dessert business owner told South London Lines: “It’s not just me [who is affected].”
The business owners who spoke to South London Lines did not express anything to suggest that their businesses must close because of the crisis, however, the costs are severely affecting their ability to earn a decent income.
