ELMIRA, N.Y. (WETM) – From groceries to gasoline and housing, the price of nearly everything is rising across the United States.
Gas prices hit another record Thursday — they now average $4.72 a gallon. Prices in New York and Pennsylvania are roughly 10 cents higher than the national average.
One local grocery store told 18 News it’s struggling to keep costs down because of the price of diesel, which now averages $5.57 a gallon.
“Unfortunately, we do have to raise prices because we can’t sell things at less than the cost,” Dave Marks, Jubilee Foods Supermarket and Save-A-Lot owner said.
It’s not only the price of fuel rising. Housing is up more than five-percent for 2022 and food is up almost 10-percent from a year ago.
“The cost of doing business has also gone up significantly,” Financial Consultant Matthew Burr said. “[It’s going up] for electric companies, for customer service, for manufacturers, everything across the board.”
Economists say the biggest drivers of the cost crisis are supply chain issues, the price of diesel and the Federal Reserve previously putting money into the economy. More recently, the Reserve has taken money out of the economy with repeated hikes in interest rates.
The next Consumer Price Index report is set to come out Friday, June 10.