SALEM, Va. (WFXR) — Inflation in the market has led to higher prices for everyday expenses such as food, gas, and cars. However, with the holiday season approaching, a Roanoke College professor says those prices could rise even more.
From August 2020 to August 2021, there was a 5.3 percent increase in inflation during the pandemic. Before, the numbers hovered around 2 percent, which is significantly less.
The current rise in inflation can be linked to demand and supply chain issues that began during the pandemic. At the grocery store you may have noticed items that are everyday expenses cost more than they did last year.
A Roanoke College economics professor, Dr. Alice Kassens, says prices could go up through the holiday season, but the consumer can make the necessary decisions to not be heavily impacted by inflation.
“You, yourself, know by what you see every day if prices are going up because what’s happening for the nation may be kind of different from what’s happening to you as an individual,” said Dr. Kassens. “The impact it plays on you, some of it has to do with ‘do you have to buy that thing?’ Some people have to buy a car because their car doesn’t work anymore and they need to get to work. That’s unfortunate. But, if you could wait you don’t have to buy a new car. Maybe you wait until you start seeing those signs such as the lot filling back up, so you know you can get a better deal.”
The recent increases in gas prices may continue to rise as more people travel.
Dr. Kassens adds that people should stay aware of what’s going on around them by simply watching local gas prices or even paying attention in the grocery store.
The CPI (Consumer Price Index) will be released this week to show what inflation looked like during the month of September.
For breaking news delivered to you, subscribe to WFXR’s breaking news email list
Get breaking news, weather, and sports delivered to your smartphone with the WFXR News app available on Apple and Android.