Prices increase throughout the valley, experts warn to start holiday shopping early
FARGO, N.D. (Valley News Live) - Americans are feeling the sting in their bank accounts as prices for food, gas, and everyday goods increase, inflation rises and widespread supply chain disruptions continue.
Assistant Professor of Finance at Concordia Angel Carrete said there are many factors that have caused the rise in prices. The employee shortage affecting almost every industry in the valley is happening worldwide. Carrete compared the long wait you may experience at the local drive-through to what is happening to the world supply chain.
“The same thing happens for companies…if I don’t have enough people …or the raw materials coming in to make those chips… my hands are tied,” said Carrete.
As the holidays quickly approach he said you may not want to wait until Black Friday to do your shopping.
“I’m probably going to start doing my Christmas shopping early because there is a very real possibility that I might not be able to get what I want,” said Carrete.
Local grocery store workers said they’ve seen the prices on their shelves steadily increase, and gas prices rise above the $3 mark.
NDSU Assistant Professor James Caton said if the white house can’t convince Americans they have inflation under control, ‘people may decide to make those purchases at Costco sooner.’
He said if people begin to make big purchases in response to the inflation rate, it will continue to increase.
“They want everybody to be confident that the Fed [federal government] has control over inflation,” said Caton, “I think they’ll probably convince us within the year but it might take a while longer than they first thought.”
As for the current price increases, ‘We’re just going to have to weather the storm,’ said Carrete.
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