Everything has become more expensive; gas, groceries, and utilities.
Inflation is happening for many reasons, and it’s trickled to the bottom. Now everything people need has become more expensive.
Inflation is normal, but what’s not normal is when the cost of goods exceeds wages at a rapid pace.
Related: Inflation hits all time high after 30 years
The last time the United States saw inflation like this was in Nov. of 1990.
It started with the pandemic which closed businesses and trapped workers at home, not making money.
Everything can impact inflation such as labor shortages, government spending, wages going up, and the cost of materials. Unfortunately, all of these things are happening and now gas, food, and necessities are incredibly high priced.
Related: The prices for gold and silver are on the rise as fears of inflation take hold of hard assets
As of October the inflation rate hit 6.2%.
The forecast was originally 5.8%.
Energy has risen from 24.8% in Sept. to 30% in Oct.
Shelter rose from 3.2% in Sept. to 3.5% in Oct.
Food rose from 4.5% in Sept. to 5.4% in Oct.
Related: Inflation isn’t going away anytime soon, here are 4 ways to protect yourself financially
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 news@fingerlakes1.com.
