ATLANTA — You’ve probably noticed when you’re out shopping that things are starting to cost more.
Economists say consumer prices are up – the biggest increase in 13 years.
Channel 2′s Audrey Washington has done some digging and learned that the main driver of the inflated prices are used cars and trucks.
Those prices have jumped nearly 11%.
Whether it’s the price of a meal, gas or a car, just about everything is starting to cost more.
Bill Maursky told Washington that he knows the pain firsthand.
“How are you dealing with it?” Washington asked Maursky. “Just paying it, unfortunately,” he replied.
According to the U.S. Department of Labor, consumer prices spiked 0.9% in June. That’s the sharpest increase since 2008.
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Economists say when you look at it annually, the consumer price index has soared 5.4%.
So what’s driving the surge?
“We’re spending more, so this is a demand inflation push rather than a supply shortage,” said KC Conway, chief economist with the CCIM Institute.
Used cars and trucks saw the biggest increase. The Labor Department said used vehicles accounted for more than one-third of the surge in prices, thanks in part to a global chip shortage which hurt vehicle production.
Conway said that’s not the only thing, though. It’s everything, not just cars or trucks.
“I can give you an example,” Conway said. “Just paint, like if you want to do a touch up in your house, paint is up 70%.”
Conway said consumers need to be budget conscious right now.
“Go back to coupon clipping school 101, maybe carpooling, because this is going to be with us for two, three or more years,” Conway said.
As for gas prices, Conway said he doesn’t see those prices going back under $2 a gallon anytime soon.
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