AAA is reporting diesel is at a new record high of nearly $6 a gallon nationwide, and the current average in Georgia is $5.71 a gallon.
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It stems from the war in Iran, old and new tariffs, and fears of stagflation.
Those factors are driving higher prices on everything from gas to even ground beef, Channel 2’s Richard Elliot reports.
Channel 2 walked into a Tucker grocery store and checked out the prices on everything from produce to chuck roast, which was almost $11 a pound.
“Oh, yeah, the grocery prices are ridiculous. Ridiculous. Off the chain. Beef prices are too high,” Trevon Gresham said.
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Gresham was at a different grocery store buying produce for his restaurant but wanted to talk T-bone steaks.
“I’m a T-bone steak person. I love it. Can’t get it right now. It’s a little too high, you know. Family of five - five kids, of course - trying to feed all five with the grocery prices. Not good,” he said.
Some experts say beef prices are up as much as 12% year over year.
The Bureau of Labor Statistics says real hourly earnings are down 0.2% year over year, while food is up 3% and gas—both regular and diesel—is up 24.6%.
“When it comes to grocery prices, they’re impacted by gas prices,” said Joel Larsgaard, host of the weekly financial podcast “How to Money.”
He says the war in Iran is leading to higher gas prices, and that cost is passed on to consumers.
“Diesel prices are incredibly high right now. And depending on who you listen to, somewhere between 15% and 30% of your grocery bill comes down to how much gas costs, right?” he said.
WSB political analyst Bill Crane says all this will have an impact on the upcoming midterm elections.
“Pocketbook issues and how people feel about the economy are always drivers in general elections,” Crane said.
Seneca Shields says she is driving around trying to find cheap gas.
Oh, the gas prices. Oh, God. I have to ride around and see if I can find a better price, of course,” she said.
So, when will this end? Larsgaard thinks it will end when there is a cease-fire in Iran, and the cease-fire holds.
Then gas prices will come down, and other prices may, too. But that may take a while.
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