CINCINNATI — The government has just confirmed what shoppers have said the last five months: consumer inflation is up sharply this year.
Sue Lewis of Colerain Township can't believe all the things she is paying more for these days.
"Cleaning items, home supplies, wipes, chicken, food. It's all going up," she said.
The government's Consumer Price Index, released Wednesday, shows prices up 4.2 percent in the last year, the largest jump in 13 years.
The Producer Price Index, released Thursday morning, shows raw materials are up 6 percent from a year ago, too.
Maggie Comparetto sees it at the steak and chicken cooler every week.
"Meat is just sky high," she said. "Everything is up, yeah."
For the longest time, gas prices were low, and that kept inflation in check. But that changed this week when the Colonial Pipeline shutdown caused gas prices to spike nationwide.
Gas prices have hit $2.89 in the Tri-State, with other parts of the country as high as $4 a gallon, their highest level in five years.
Higher prices everywhere you look
Inflation is hitting everywhere, according to a report in CNBC, which said:
- Groceries are up 4 percent since May 2020.
- Fast food prices are up 6 percent, especially with those popular chicken sandwiches.
- Used car prices are up 21 percent over a year ago.
- Energy prices, including gas, are up 25 percent.
- Copper is up 26 percent.
- Steel is up 18 percent.
- Lumber prices have more than doubled, going 25 percent since one year ago, sending mothers like Jade McCollum to shop at dollar stores in order to keep prices down.
"I usually go to Dollar General, Family Dollar, stores like that," McCollum said. "But, yeah I am noticing it."
And with demand high for new homes, home rehab, travel, food and gas, don't look for a turnaround anytime soon.
Finally, if you are planning summer travel, book soon. With increased demand, airfares and hotel prices are also jumping. So don't wait, and don't waste your money.
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