Don’t dare to eat, don’t dare to buy new food
People in the US are paying more for everyday items, driving less to save gas, moving into cheaper apartments and delaying vacations because of rising inflation. the highest level in 40 years.
The crisis pushed prices up at breakneck speed and for the third month in a row, inflation has exceeded the annual rate of 6%. Supply chain problems coupled with increased demand continued to drive up prices for fuel, rent, food and other necessities.
Food prices skyrocketed in just 1 week
Rising prices affect the American people in general, but most severely, those with low incomes and poor circumstances.
According to the Labor Department’s Consumer Spending Survey, one in five low-income Americans already pay 83 percent of their income for housing and will likely not be able to afford it as rents rise, let alone to fuel, food and other necessities.
The Federal Reserve is currently preparing to raise interest rates in hopes of curbing soaring prices. However, with inflation around the world, it remains to be seen whether the Central Bank can weather this crisis.
At a grocery store in Manhattan, a 50-year-old bookkeeper named Edward said he noticed the price of oranges jumped from $1.29 in early March to $1.59 that same weekend. Responding to the reason for the sudden price increase, the store manager said that because the price of diesel fuel for delivery trucks increased, so did the price of oranges.
When asked who should be blamed for the current situation, Edward said: “Everyone and no one. That is the general situation of the world. Prices are higher everywhere, but what goes up will have to fall“According to a Gallup poll conducted early last month, a majority of Americans said they were unhappy with the direction the country was taking at the moment and their biggest economic concern was inflation increased.
Inflation is directly affecting the lives of Americans.
In Los Angeles, 35-year-old Kathy Huang said she recently had to move to a cheaper apartment because she couldn’t afford the rising rent. The rent for the two-bedroom apartment she previously lived in has increased from $2,750 a month to more than $3,200 a month.
“Everything is so expensive now, food, gas, everything. My monthly bill went from about $500 to over $700“, the woman said. Consumer prices in January rose 6.1% from a year earlier, according to Federal Reserve data.
From food to gasoline and automobiles, inflation has affected every sector of the economy, and people from all walks of life are complaining about the difficulties in their lives.
For years, New Yorkers who wanted a cheap meal could buy a slice of pizza for as little as $1. Now that inflation is so high, even a cheap slice of pie is taking a hit as many of the city’s famous pizzerias are raising prices to cope with other costs.
In San Francisco, gas prices are skyrocketing. Gasoline prices here are among the highest in the country, having increased by 37.2% on the year. According to a survey, increased gas demand along with a decrease in total supply causes gasoline prices to increase, but this also means driving prices higher.
Inflation affects even…sandwiches
Rebecca Nicholson, of Sturgeon Bay, pays more per sandwich than she did just a few months ago. That’s just part of the burden that is being placed on her and others’ budgets as inflation rates rise.
Nicholson said: “My income can cover my daily expenses as long as I don’t have some unexpected expenses like car repairs. My water heater just broke a month ago and that’s when things got really stressful“.
As the prices of everything from food to gasoline to clothing rose, Nicholson faced some tough choices to make ends meet. “At one point I had to make the challenging decision to give up some of my expenses and then try to catch up after a month. Everything was really hard” , Nicholson says the biggest challenges facing her budget are food and gas prices.
Americans now also have to learn how to save right from cheap slices of bread.
Christina Studebaker at the United Way of Door County shares that inflation has a big impact on people with limited incomes. “A lot of people, especially those who are not too financially difficult, think that everything is back to normal”, she said. Along with the long-term impact of the pandemic, Studebaker said it could take years or even decades for people to recover from economic crises.
“These people do not have an emergency savings fund. Just one accident or medical incident can cause them to fall into financial crisis. When they are in that situation, they have to make very difficult decisions. Between paying for food and paying for medicine, what would you choose? People will often choose to cut back on medication” added Christina Studebaker.
The nonprofit United Way predicted the effects of inflation. That’s where Nicholson works as a community connector. She doesn’t think inflationary pressures will ease any time soon. “I’m probably not alone in this as I want it to end immediately,” Nicholson said.
Source: Spectrumnews1
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