SOUTHERN TIER, N.Y. (WETM) – Prices of consumer goods this holiday season are looking higher than usual, which could make Thanksgiving and Christmas shopping more difficult this year. This is all thanks to a rise in inflation.
In the year and a half since the COVID-19 pandemic started, prices of goods have increased due to multiple reasons. A couple of these reasons include limited supplies and shortages of truck drivers across the United States.
“I don’t think we’ve seen jumps like this in a long time,” assistant professor of business Matthew Burr said. “I mean, you’re talking, potentially, under the Carter administration when we’ve seen inflation at this level, which is not good. Our economy was doing really well. The stock market’s still doing well. Again, we’ve got a shortage of workers also which doesn’t help either.”
Price jumps due to inflation across the Twin Tiers and the country can be found at restaurants, department stores, gas stations, and heating suppliers.
“The inflation rate is now at 6.2 percent,” Burr said. “Usually, between 2 to 3 percent is fine, but when we are talking 6.2, that’s a scary situation in the United States and in the Southern Tier as well.”
With holiday shopping and travel expected to increase later this year, the spike in the inflation rate may not decrease much any time soon.