In the last year, consumer goods have risen in price by 5%.
This means food, gas, vehicles, large appliances, and other daily needs have risen in price.
The pandemic is not the only thing to blame for the increased cost of living.
Demand has increased greatly following an attempt to return to normal as the world opens up, and businesses are struggling to maintain the status they had prior to costs rising.
The climate has also played a factor with inflation.
The Western part of the country is currently on fire, causing a price increase out there because there is such a shortage on goods.
Brazil, where a large amount of the world’s soy, coffee, and corn comes from, is facing its largest drought in a century.
Now, food is more expensive when shopping or dining out.
Restaurants have it the worst with a rising cost in food and materials, losing revenue for over a year, and wages for employees rising.
The best way for them to try to survive is to charge the customer more, resulting in increased costs for going out for food.
As for gas, oil production was decreased during the pandemic which cause a 45% increase in price compared to last year.
There is even a shortage for car parts for newer cars causing production and sales to drop.
This stops people from trading in their used cars, so people wanting to purchase used cars can’t find them as easily.
Supply and demand may take some time to realign, but with vaccine rates increasing, so will economic recovery.
Apps that can help find nearby gas stations with their prices, and some with tools to help cut back on how much you spend on gas, include Drivvo, Waze, Gasbuddy, Fuelio, and Mapquest.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]