Inflation jumped 7.9% over the past year, sharpest spike since 1982
Bread, meat, eggs, milk, fruit, even coffee have all increased. But the question is why?
PHILADELPHIA (WPVI) -- Inflation jumped 7.9% over the past year, it's the sharpest spike since 1982, according to a report released Thursday by the Labor Department.
Bread, meat, eggs, milk, fruit, even coffee have all increased. But the question is why?
The inflation we are seeing today is a result of the last two years, according to Michael Lahr, a distinguished research professor in public policy at Rutgers University.
"I would say COVID-19 and labor shortages are the main things. And then we have other things like cereal prices-- well that's probably caused by the oil prices that went up last year," said Lahr, who adds that the war on Ukraine is only exacerbating things.
Shoppers should continue to expect high prices.
Gregory Washington is among those being forced to cut back.
"I'm retired so I have to budget my money as much as I can," he said.
The increase in gas prices is also causing the prices to jump.
"Beef has to be chilled while it's being delivered to market. It has to be packaged and that requires fuel. The refrigerator needs energy and it requires a lot of energy," said Lahr.
He says this might be a great time to consider shopping at local farms or farmer's markets because they don't have to pay the extra costs to keep food chilled in transit, which ultimately could save you a few bucks.
