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5,000 shops have already closed this year because of increases in utility bills and inflation

According to the Fedecamaras organization, an organization representing businesses, around 5,000 shops and 500 small to medium-sized businesses (PYMEs) had to close because of inflation and the inability to pay the increasing tariffs.

The head of Fedecameras, Ruben Manusovich, informed the press that small shops can’t face the increase in utility costs, nor the higher cost in supplies. Sales cannot make up for these increasing costs, and the businesses are therefore left without a profit margin.

Compared to other years, sales in May decreased by 10 percent because inflation has decreased purchasing power. (more…)