Consumers hit with the highest prices for everything for the first time in three decades

Consumer Watch

CHARLOTTE (FOX 46 CHARLOTTE) — Consumers are taking a major hit right before the holidays with the highest price jumps in thirty years.

According to the Labor Department’s most recent Consumer Price Index report, it now costs more to buy just about everything. Over the course of the last year, prices have risen by 6.2 percent.

In the month of October, prices rose by 0.9 percent, which is more than double the numbers released for the month of September. The main areas of increase are energy, up 30 percent, food, up 5 percent, and gasoline, up 50 percent.

Consumers in Charlotte are frustrated with the rising costs.

“It seems like bread’s really expensive. And you know, meat prices went up quite a while ago. And they, they’re still really high. Yeah, I mean, it just seems like everything’s a little higher,” a shopper said.

Dr. Michael Walden, an economist at North Carolina State, said he expects inflation to be present for a while.

“I think the question is simply how much? Is 6 percent the top? Are we going to see higher? So, I think people need to get used to inflation in this 5 to 6 percent range for a little bit, certainly into early 2022,” Walden said.

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