Inflation rate slows, but still hitting American’s wallets; Where it’s hitting the hardest
The inflation rate in the United States has seen its fastest annual increase in over 30 years, according to the Bureau for Labor Statistics.
Some categories have been hit harder than others by inflation.
Many were hit hard by skyrocketing fuel prices.
At the time of reporting, the national gas average is around $4.52, according to AAA.
In Montgomery County, the average is around $4.37 and in Greene County $4.35.
Something many of us put in our carts at the grocery store has also seen a dramatic increase.
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Over the past year, the price of eggs has shot up over 20 percent.
Currently, the average cost for a dozen of medium eggs is $2.57, according to the United States Department of Agriculture.
There was a time this year when a dozen eggs could cost you more than $3, which has only happened twice ever.
Fall Ainina, director at James Investment Research, explained some of the key reasons for this spike.
“Mostly due to the bird flu and also the corn and soybean meal and feeding a chicken cost about transportation costs to play the role. Even cartons, where these eggs come in have gone up in price,” Ainina told News Center 7′s Kayla McDermott.
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The price of meat, especially poultry has also been hit hard.
This again is partly due to the outbreak of bird flu, Ainina said.
The USDA reported last month, that prices for poultry were expected to increase anywhere from seven to nearly nine percent.
Over the course of the year, chicken prices have gone up more than 16 percent.
Another area of retail is feeling the impact — clothing.
The price of apparel has been up in price by over 5 percent this year.
Men’s suits, sports coats, and outerwear have increased by more than 20 percent.
Ainina said this is because a lot of apparel is shipped from overseas.
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Book a trip for the summer? That’s going to cost you more too.
From March to April airline fares went up nearly 20 percent, according to the Consumer Price Index.
“Companies don’t have enough planes to take people from point A to B, we don’t know when the fuel situation is going to improve because we know what’s happened overseas, in Ukraine and in Europe, " Ainina said.
Many parents have been struggling to find a formula for their babies, but when they do they are getting hit with high prices.
From March to April, baby formula has gone up 3 percent.
Prices online for formula can range from $150 to upwards of $245.
Abbott lab has the biggest factory in Michigan, which was shut down by the FDA. And that’s the reason why the price basically, besides the supply chain issues, the price has gone up because of that.
Although Consumer Price Index numbers show that U.S. inflation rates have dipped from the 40-year high they were in March, it is still felt in most of our daily lives.
