Inflation in Canada hit its highest point in three decades, according to Statistics Canada. But it's just one of several issues causing uncertainty for the business community in the Estevan area.

The consumer price index was up 4.8 per cent in December compared to the previous December.

Estevan Chamber of Commerce CEO Jackie Wall said this makes it more expensive for businesses to buy goods and services. Though it's difficult to pinpoint specific cost increases on a single cause.

"There is the increase in inflation, but we've also got supply chain issues. Is it increase in cost due to inflation? Is it due to supply and demand? Is it due to supply chain issues? We've got a lot going on right now in our economy, and it's a lot for businesses to deal with."

Wall said restaurants are paying more for goods, such as produce, and having difficulty bringing some items into their kitchens.

She said a potential increase in the cost of borrowing is also top of mind.

Bloomberg reported Wednesday that Scotiabank forecasts Canada's national bank to increase its rate from the pandemic emergency-level rate of 0.25 per cent to 2 per cent by 2022.

"If you have floating rates right now, it might be a good idea to take a look at: Should you be locking them in? Should you be taking a look at how your mortgage is set up?," said Wall. "Keeping your investing top of mind, and also your borrowing top of mind because inflation does have an impact on both of those."

Wall said rising costs to families, such as grocery bills, could make it even harder for businesses to meet their staffing needs.

"Some [businesses] have as part of their policy an increase in wages based on inflation. And some businesses, it's going to make attracting staff maybe a little bit more difficult if they are not able to increase wages. Right now I think the main stress on staffing issues and employment is the last two years with COVID, and I know there has been a struggle in some businesses finding staff."

Oil prices hit their highest mark since October of 2014 on Tuesday. Brent crude hit $89 per barrel Wednesday, and West Texas was at $86.75 at 1 p.m. Saskatchewan time.

Wall said it's tough to know what to expect the economy to look like with so many different factors.

"It's really difficult to make any projections as to what's going to happen in the next 12 to 18 months because of all the issues happening as far as supply chain, staffing issues, inflation, what's happening globally in oil and gas, the move to reducing our carbon footprint."

Wall advised businesses to communicate with each other and talk to their financial advisors.