CITRUS COUNTY, Fla. – How to fight inflation without tanking the economy. That balancing act was the topic at the White House on Tuesday afternoon as President Joe Biden met with Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen.

President Biden said he won't tell Chairman Powell how to go about bringing inflation down from record levels, something he mentioned in an Op-Ed published Monday in the Wall Street Journal.

The president describes it as “his top economic priority”.

It lays out a three-part plan to lower costs for Americans. 

The rising prices on everything from gas to groceries is being felt far and wide.

In his plan, President Biden argues reducing the federal deficit will help ease price pressures.

Inside a 2,900 square foot building on North East 5th street in Crystal River, is Tera and Abby Wells, a mother-daughter duo that runs a unique clothing store.

“I came out of the education field and we were looking for something that we can do as a family and our entire family is really invested in the boutique,” mom Tera said.

The Wells opened The Rustic River Boutique in May 2020, a decision they say felt right at the time and still feels right now despite facing higher prices and low inventory.

“We have had issues with shipping and a lot of times then the product we had initially wanted for the shop are not available,” Wells added.

She said because it’s more expensive for suppliers now to make items.

With limited inventory and increased cost on the things they can find, the Wells say they try not to increase the price of items much for their customers like Tracie Myles who stresses the importance of shopping small business.

“You know the high dollar thing, it’s nice yes, a lot of it is overpriced," Myles said, "But I just really believe in supporting your community, your small business, that’s what helps your business grow and that’s what attracts your customers, more tourist end.”

It’s a process for the Wells when it comes to staying competitive with their prices, Tera said. Anything the Fed can do to help is welcome.

“I know that our prices are likely to continue to rise," she mentioned, "Prices for everything, and as a small business owner, that’s kind of scary as we’re budgeting out and thinking ahead.”

In the meantime, they continue to shop efficiently and creatively, and most importantly, for items that are lower in cost, good quality, and enough to give them a return.

President Biden plans to deliver his May job reports on Friday.