Consumer prices surge at fastest pace in 30 years
The Labor Department reported the latest Consumer Price Index this morning and say consumer prices surged at the fastest pace in about 30 years.
The report showed consumer prices rose to 6.2% over the past 12 months, the most since 1990.
From September to October, prices have skyrocketed 0.9%, causing some Long Islanders to stay home more.
The price of gasoline has also gone from an average nationwide of $2.11 in 2020 to $3.42 in 2021.
"You have to think twice about where you're going and how often you want to fill up," Patricia says.
With Thanksgiving and the holidays fast approaching, traveling, gift giving, entertaining, and getting the holiday meal together is expected to be costly and come with a big price tag.
Hofstra University economics professor Dr. Martin Melkonian says the two main problems are inflation and supply and demand.
Employee shortages at ports, railroads and trucking companies are forcing some employers to incentivize workers with higher wages. However, they recover those costs by raising prices to the customer.
"It's been anticipated that this is going to happen as the economy came back," Melkonian says. "And it's coming back."
He expects many of the prices to continue rising, but hopefully stabilize in around six to eight months.