Inflation rate more than double the average, driving up everyday prices

JACKSONVILLE, Fla. — The nation’s 5.4% inflation rate is the highest it’s been since 2008, according to the U.S. Bureau of Labor Statistics.

The COVID-19 pandemic knocked the economy flat on its back, keeping employees locked down at home for months.

Now, as restrictions ease, the demand for services and products is high.

Emily Miller has noticed she’s paying more at the pump. “Day-to-day basis, I get gas regardless. I still need it,” Miller said.

Justin Bateh is a professor of business at FSCJ.

His take on inflation: buckle up. “Inflation’s real. It’s going to chew up savings for most middle-class families at this point,” Bateh said. Bateh says a high inflation rate affects everyday life.

“Travel, entertainment, hotel rooms, prices for dinners out,” he explained.

If you feel like prices around you have gone up in the last month, you’re right.

The Bureau of Labor Statistics reports the cost of used cars increased 10.5%, gasoline rose 2.5% over the month, and food increased 0.8%.

The country’s annual inflation rates from 2011 to now show the current rate at 5.4% — double and almost triple the inflation rates of years past.

The Bureau of Labor Statistics reports that over the last 12 months, the inflation rate increased 5.4%, making it the largest 12-month increase since 2008.

“Prices for goods and services keep rising, which in turn diminishes the value of the dollar. Right now anything that is labor-dependent is seeing price increases,” Bateh added.

Bateh says economists predict the inflation rate will work itself out as more people go back to work and improve the labor shortage.

“We stay home as much as possible,” Miller said.

As suppliers work to keep up with demand, consumers like Miller suggest only spending money on necessities.

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