November 27, 2022

Brighton Journal

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Inflation and rising food and gas prices have hampered the fun of summer

Inflation and rising food and gas prices have hampered the fun of summer

This is the least pandemic summer in two years, but inflation Celebration pulls.

why does it matter: Most Americans now get a taste of living in a high-inflation environment — and they don’t like it.

Prices are high almost in all areas For many of the things we love to do in the summer, including:

Regular gas prices average now $5 a gallon, according to AAA — and more in some parts of the country. Even if your salary keeps pace with inflation (and Not everyone has), sticker shock can be frustrating.

  • “It’s unfortunate to spend $5 when you are used to spending $3,” said Carola Consis-Bender, professor of economics at Haverford College.

Eating out: For those who took a two-year break, there’s little to no Rip Van Winkle’s impact when it comes to restaurant dining.

  • Menu prices are eye-catching, and there’s more shocker attached when the check arrives — restaurants add ‘service fees’ and charge extra, Wall Street Journal mentioned.

News leadership: The government’s CPI shows average prices have risen 8.6% over the past year – a level last seen in the 1970s, an era known in boring terms like stagflation and stagnation.

  • “If you’re a millennial and all you know is 2% inflation, that’s really bad,” economist Richard Curtin told Axios earlier this year.
  • From 1976 until recently, Curtin conducted the University of Michigan Consumer Survey – an influential indicator, which measures mood, which recently reached its lowest level since its inception in 1952.

on the other side: While the rising prices started to pinch And for some low-income earners, the pain is much worse than that — there are reasons to be cheerful.

  • The unemployment rate is low and Americans are doing much better than people in many parts of the world.
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Plus: You could theoretically spend the summer sipping AriZona iced tea and eating Costco roast chicken while reading books—three products at fixed prices.

Bottom line: The American economy runs on people who spend money — 70% of economic activity, after all — and for most of us There is no place to escape the high prices.