Thursday, December 1 2022

The inflation rate is slowing, but still hurting US wallets; where it hits the hardest

DAYTON — The rate of inflation in the United States has seen its largest annual increase in more than 30 years, according to the Bureau for Labor Statistics.

Some categories have been hit harder than others by inflation.

Many have been hit hard by soaring fuel prices.

At the time of writing the report, the national average for gas is around $4.52, according to AAA.

In Montgomery County the average is about $4.37 and in Greene County $4.35.

Something that many of us put in our grocery carts has also seen a dramatic increase.

>> Inflation Nation: why you pay more at the grocery store

Over the past year, the price of eggs has gone up by more than 20%.

Currently, the average cost of a dozen 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 over $3, which has only happened twice.

Fall Ainina, director of James Investment Research, explained some of the main reasons for this spike.

“Mostly because of bird flu and also corn and soybean meal and feeding a chicken, it costs transportation to play the role. Even the cartons, where these eggs come in, have gone up in price,” Ainina told Kayla McDermott of News Center 7.

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The price of meat, particularly poultry, has also been hit hard.

This is again partly due to the outbreak of bird flu, Ainina said.

The USDA reported last month that poultry prices are expected to rise by seven to nearly nine percent.

During the year, chicken prices increased by more than 16%.

Another area of ​​retail is feeling the impact: clothing.

The price of clothing has increased by more than 5% this year.

Men’s suits, sports coats and outerwear were up more than 20%.

Ainina said it was because a lot of clothes were shipped from overseas.

>> US inflation falls from 4-decade high, but continues to cause pain

Book a trip for the summer? It will cost you more too.

From March to April, airline fares rose nearly 20%, according to the Consumer price index.

“Companies don’t have enough planes to get people from point A to point B, we don’t know when the fuel situation will improve because we know what happened overseas, in Ukraine and Europe,” Ainina said.

Many parents struggle to find formula for their babies, but when they do, they run into high prices.

From March to April, infant formulas increased by 3%.

Online prices for the formula can range from $150 to over $245.

Abbott Lab has the largest factory in Michigan, which was shut down by the FDA. And that’s why the price, in addition to the supply chain issues, went up because of it.

Although Consumer Price Index figures show that inflation rates in the United States have fallen from their 40-year high in March, this is still being felt in most of our daily lives.

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