Inflation reaches highest rate seen in four decades
From the food in the grocery aisles to the gas filling up our cars, prices across the board continue to climb.
Just a quick glance at your bank account shows the situation from the food in the grocery aisles to the gas in your gas tank. Even the roofs over our heads prices across the board continue to climb. I've noticed that prices have increased for some basics and gas. The consumer price index shows inflation reached 7% last year, the fastest pace since 1982. Among the items with the biggest sticker shock used vehicles up more than 37% With the average price for a used car topping $29,000 late last year. And despite a dip at the end of the year, a gallon of gas still up a dollar 24 from the year before supermarket staples have also seen prices soar a gallon of milk increasing 20 cents in a year. A carton of eggs up more than 30 cents and a pound of ground beef up nearly 60 cents. We're going to pay more for everything because of the grains that feed the cows, the packaging where we put the soda in, just about, everything is going through the roof, adding insult to injury. The combo of Covid staff shortages, Winter weather and a stretch supply chain have all led to shortages on the shelves at grocery stores nationwide, roughly 15% of items out of stock compared to 5 to 10% in a typical year. We are experiencing shortages. Um, and a lot of that is tied back to labor and how we're experiencing our own issues with the omicron variant. The food industry trade group says some stores and food manufacturers have up to 40% of staff out sick with Covid. One, silver lining, experts point out that while inflation is up annually, month to month, it's actually slowing down as products become more available, whether they're computer chips or potato chips that will bring down prices probably in the second half of the year in a much more noticeable fashion.