JACKSONVILLE, Fla. – The price of food, gas, and houses keeps going up.
The latest report from the Consumer Price Index says inflation surged 6.8% in November. It’s the largest year-increase since 1982.
“The bottom line is, there are a lot more dollars in circulation. There’s more money bidding on the same basket of goods, so the price is going up,” Krier explained.
Another part of inflation is wages. So many places are hiring and offering bonuses, which may be contributing to rising prices. Then, adding into account COVID-19 fallout, factories closing, and supply chain disruptions... Krier said it’s a perfect storm for inflation.
Food prices increased by 6.1%. Energy price rose 33.3% since last year. Gas went up 58.1%
It’s presenting a big problem for recovery. Higher interest rates in 2022 might help slow soaring prices, but Krier said people should prepare by setting money aside in 2022.
The next CPI data report is scheduled to be released on January 12.