COLUMBUS, Ohio (WCMH)–Inflation is on the rise and is the highest it has been in nearly 30 years. With that in mind, people are still spending money.
“What’s happening is, people are earning more money than they did 12 months ago,” said Jeff Gilbert with Ameriprise Financial Services. “Also, they still have stimulus money and they’re spending it right now.”
The demand for goods is high right now, yet the supply side is stifled, that is what is causing inflation.
“Once all these goods get off the port, will those demands still be there, and maybe prices will start going down for us,” said Gilbert.
When it comes to heating, fuel, and other costs, Gilbert said he believe those prices will be on the rise during the winter months.
“I hope they start releasing some of the oil from the [strategic] reserves,” said Gilbert. “Also, will the Fed start reacting to this and say, ‘There is inflation,’ and start doing something about those inflation numbers.”