COLUMBUS, Ohio (WCMH) — After inflation reached a 40-year high this past summer, economists are predicting price increases aren’t going anywhere.
Economists said prices this September are around 8% higher than they were this time last year. Columbus residents said they’ve had to make changes to their everyday lives to keep up with costs.
“Pretty much we just walk around the neighborhood now we don’t have to drive anywhere,” Aideen Baron said.
Resident Maura Kelleher said she avoids certain things at the store because they are too expensive. “I try to eat less meat because it is just so expensive, ” she said.
In September, NBC News reported that the price of meat also increased by 2.5%. The Owner of Buckeye Donuts on High Street, Jimmy Barousix, said business has stayed successful. But, he has increased employee wages to ensure they are livable and he said the cost of nearly every ingredient has increased.
“This year I think we are hitting our third or fourth increase because it hasn’t stopped and I’ll be honest with you I don’t think it is going to stop anytime soon,” Barousix said.
He said much of inflation has to do with distributing costs and gas prices.
Experts said consumers should be seeing some relief at the pump in the coming months — after hitting an all time high of more than $5 in June.
David Turk, the U.S. Deputy Energy Secretary, said this week they’ve dropped a few cents each day, and he hopes this trend continues.
NBC News said that food price inflation will be sticking around for the foreseeable future. Experts said prices have a lot to do with current events around the world, and changes to things like the conflict between Russia and Ukraine will affect the prices we see on shelves.