It doesn’t take an expert to tell us that prices are on the rise and inflation is at an all-time high. Everything is more expensive, and it seems there’s no end in sight. The Labor Department released data today that indicates prices have increased by more than 8% since last year.
According to CNBC, inflation is at an all-time high, marking the highest levels since the early days of the Reagan administration. Other statistics surrounding inflation may hold some hope of easing up, and perhaps March was the peak of this.
Andrew Hunter, senior U.S. economist at Capital Economics, thinks March will “mark the peak” for inflation. Hunter says, “The big news in the March report was that core price pressures finally appear to be moderating.”
The March headline reading is the highest since December of 1981.
And while some people may have received pay increases, real earnings are not keeping pace with our cost of living.
We don’t really need someone on Wall Street to point out the obvious though. Gas prices, grocery store visits… and just about anything else, we SEE the numbers continually going up.
Hear what Stuart Varney of Fox Business has to say about the inflation “bombshell.” He highlights the fact that it is a “political problem,” pointing out that working people are the ones taking the worst hit. Varney also believes it’s economic as well, and feels we’re facing a recession.
So what declined in March? Used car and truck prices went down 3.8%, yet they are still up 35.3% on the year.
Any area that saw decline is offset by the increase in many other areas. Clothing and services increased 0.6%. Transportation services also increase by 2%, making it’s 12-month gain 7.7%.
No doubt our economy was hit hard during the COVID-19 pandemic. But our issues don’t seem to be settling down any time soon. Inflation pressures will continue on, especially if we don’t see wages increase to account for the cost of living.
Take a look back at history and see the cost of gas when you were born: