Illustrating the pervasive nature of inflation, is that rents, the cost of new and used cars and even something seemingly unconnected like dental services have seen increases.
Meanwhile wages and salaries have scarcely kept up with red hot inflation. American families are paying what the Bureau of Labor Statistics and Moody’s Analytics estimates to be an addition $493 a month for food and other goods in June because of inflation which jumped to 9.1 percent compared to 2021. It’s the biggest 12-month hike in prices in 40 years.
The Consumer Price Index’s standing at 9.1 percent in June was proof that inflation was burning hot and still spiraling. The prior month, the CPI stood at 8.6 percent, then the highest rate in 40 years.
“With the war in Ukraine and sanctions, stocks of gas, oil, fertilizer and other goods are decreasing. I don’t think inflation has happened yet,” said Tauheed, associate professor of Economics at the University of Missouri – Kansas City, and a member of the graduate faculty at the University of Missouri – Columbia. “We’re going to see increases. The impact from sanctions hasn’t really hit us yet. Prices of products are going up.
“There’s inflation that you would expect from a quick recovery, but then you had the supply chain crisis,” he explained. “Countries, particularly China, were affected. Facilities were shut down. It doesn’t necessarily explain cargo ships at the docks, though. Independent truckers weren’t able to get business. Many went out of business, others retired. So there were not enough trucks. The problem at the docks will be with us for a while.
Vital said when she filled up her gas tank when gasoline stood at $5.00, it cost $55. Before, she said, filling the tank cost $12 less.