The price of almost everything is on the rise.
UNO Economist Dr. Janet Speyrer explains:
“In just one month inflation went from 5.4% (year-over-year) to 6.2% (year-over-year) and that’s a significant increase, we’re all watching it. We’re not through, I don’t think anybody thinks [we’re done] with higher inflation.”
Speyrer says rising inflation is driving up the cost of just about everything.
She paints a dark portrait of what's going on as we head into the Holiday season:
“Some people have suggested they won’t be making a Thanksgiving trip,” she explains. “And so it not only affects the people themselves who aren’t able to make the trip, but it also impacts the people at the other end where they’re going.
We’re not just talking about families, hotels, restaurants, shopping, entertainment, when a trip is called off due to inflation, everybody down the service industry line is affected.
One major inflation number everyone is paying attention to, according to Speyrer, is the price of fuel.
“The percentage increase in all of those things we use to heat our homes, oil, natural gas, electricity, all went up as part of the inflation rate,” Speyrer says. “So, that's going to make it more expensive for even than the food and gasoline and those kinds of things.”
People are doing what they can by cutting back and making adjustments to their lives to make their dollars go as far as they can.
But with a sizable jump in inflation, consumers are getting squeezed on all fronts.
And as we head into the holiday shopping season, inflation could be a Grinch on Christmas.
“It was projected to spend 10% more than last year for the Christmas holiday. And now it looks like people are going to be spending a lot of that for inflation instead of new goods that would’ve been something very good for the economy.”