Inflation has impacts on residents of the Red River Valley
FARGO, N.D. (Valley News Live) - The rising prices for everything from groceries to gas are hitting us right in the pocketbook.
For a healthy economy, inflation typically should be at 2%, but as of September inflation was tracked at 5.4%.
It’s believed this is the highest inflation has been in the last 10 years.
according to the U.S Bureau of Labor Statistics, consumer prices are skyrocketing.
For example, the price of food has jumped by more than 4.5% in the last year, while gas increased by 42.1%.
The price for used vehicles is up by nearly 25%
“I came here and it says $3.09 for gas instead of $2.99,” said Frederick Hauge, a local consumer.
Some locals are feeling the sticker shock of those rising prices
“Like most people, I don’t like spending more money. I kind of understand that we got to pay more money. Inflation is going to happen,” said Hauge.
The rate of inflation has been unprecedented just in the last year.
“A little upset, I don’t think it needs to be this way. I understand there are some extenuating circumstances causing things with COVID, but i feel the government is trying to control things too much,” said Roger Piekarsi, another local consumer.
#conomists say there may not be any relief anytime soon.
Some local consumers say they worry for those that may not be able to afford the increasing prices.
“It hasn’t affected me too much. I have the income where I can absorb it, but it’s harder on some people i can guarantee you that,” said Piekarsi.
One couple visiting from Montana says the too have noticed a spike in the price of goods.
“Grocery items keep being reported as five percent higher than last year, but what I’ve seen the stores we frequent is close to about 30% of an increase,” said Scott Bloomfield.
The couple says it’s not just gas and food prices that are going up.
“Everything is higher. The price of accommodations is even higher as well. We noticed that some of the prices for some of the hotels that would normally be around $100 a night are about $130-140 a night now,” Bloomfield said.
What could be the root behind the change in inflation?
Economists say federal spending, the demand for good and services, limited product supplies, and staffing shortages are what may be driving up prices.
It is also said your favorite products or goods may not be available this year.
As the holidays approach, it is recommended to get your holiday shopping done early.
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