Name: Don't expect inflation to cool off anytime soon, local economist says
Uploaded: 2021-12-10T18:11:06-0500
Duration: 181148
Description: Mike Walden, an economist with North Carolina State University, said that prices will likely remain elevated "well into 2022." The reason for rising inflation is complicated, but he says it is likely due to the fact that more Americans have cash in their pockets.

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Mike Walden, an economist with North Carolina State University, said that prices will likely remain elevated "well into 2022." The reason for rising inflation is complicated, but he says it is likely due to the fact that more Americans have cash in their pockets. 

TUNE IN AND HELP OUT. >>> INFLATION IS NOW AT A 39- YEAR HIGH. A REPORT OUT TODAY FROM THE BUREAU OF LABOR STATISTICS SHOWS INFLATION ROSE BY 6.8%. >> I'M LENA TILLETT. THE PRICE FOR EVERYTHING FROM MILK TO MEAT HAS GONE UP. THE COST FOR MILK HAS RISEN FROM $2.90 TO $3.72 AND JUST IN THE PAST YEAR ALONE, WENT UP 40 CENTS. ADAM OWENS IS AT A LOCAL GROCERY STORE WITH MORE ON HOW LONG INFLATION COULD BE A PROBLEM ACCORDING TO AN EXPERT. >> Reporter: THESE RECEIPTS ARE GETTING HARDER AND HARDER TO LOOK AT BECAUSE THE NUMBERS ARE GETTING LARGER AND LARGER. WE SPOKE WITH AN EXPERT TODAY ABOUT HOW LONG THE NUMBERS COULD BE AROUND. >> WE LIVED THROUGH IT BEFORE. >> Reporter: DOROTHY REMEMBERS WHEN HER MONEY DIDN'T GO AS FAR AT THE GROCERY STORE. THIS IS THE WORST INFLATION WE HAVE SEEN IN NEARLY 40 YEARS AGO. >> HERE WOE GO AGAIN? >> YEAH, RIGHT. >> REALLY INFLATION IS COMING FROM ALL PARTS OF THE ECONOMY. >> Reporter: PRICES ARE UP ON MANY MORE OF THE THINGS WE BUY. THE PANDEMIC IS DISRUPTING THE SUPPLY CHAIN, AND AT THE SAME TIME MORE MONEY HAS BEEN INJECTED INTO THE ECONOMY THROUGH PANDEMIC RELIEF. >> WE SAW HOUSEHOLD INCOME GO UP LAST YEAR, SO HOUSEHOLDS ARE ACTUALLY BUYING. >> Reporter: IN PREVIOUS YEARS, ANNUAL INFLATION WAS AT 1% OR 2%. LAST MONTH IT WAS NEARLY 7%. IT COULD BE A WHILE BEFORE THINGS GET BACK TO NORMAL. >> WE ARE LOOKING AT THE INFLATION LEVELS WELL INTO 2022. >> Reporter: THE EXECUTIVE DIRECTOR AT URBAN MINISTRIES IN WAKE COUNTY OPERATES A FOOD PANTRY. >> WE CAN TELL WHAT'S HAPPENING IN THE ECONOMY BY HOW LONG OUR FOOD LINE IS. >> Reporter: EARLY IN THE PANDEMIC, LONG LINES WRAPPED AROUND THE BUILDING IN RALEIGH, PEOPLE LOOKING FOR HELP PUTTING FOOD ON THEIR TABLE. >> WE ARE WORRIED THAT WE'LL HAVE TO BUY MORE AND FAMILIES WILL HAVE TO USE US MORE. >> Reporter: BUT THEY EXPECT SUPPLY CHAIN ISSUES TO BE RESOLVED NEXT YEAR. >> I THINK WE ARE AT THE PEAK LEVEL OF INFLATION. >> Reporter: ANOTHER CONCERN IS THAT AS THINGS IMPROVE, WE COULD ACCIDENTALLY SLIP INTO A RECESSION. THAT'S HAPPENED IN THE PAST.

Maggie Brown

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Josie Zimmer

Don't expect inflation to cool off anytime soon, local economist says

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Don't expect inflation to cool off anytime soon, local economist says

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