GREENFIELD, Mass. (WWLP) – After a year of declines, inflation went up again in August causing some concerns.
The Bureau of Labor Statistics report shows that prices for U.S. consumers grew 3.7% in August compared to a year ago and people 22News spoke to said they are feeling the effects. After 12 straight months of decline, the annual inflation has now ticked up two months in a row to 3.7 percent.
“There’s definitely been a huge increase in pretty much everything we buy, virtually everything you buy whether it’s gas or food,” said Tommy Kendrick of Greenfield.
And what rose the most in price over the last month are gasoline and oil prices which can cause disruptions almost everywhere. While both commodities cost less than they did a year ago- gasoline prices rose 10.6% compared to July and fuel oil prices jumped 9.1%, according to the federal government. That in turn is driving up transportation costs and the prices for other goods.
With interest rates remaining high, mortgage and credit card interest rates are also the highest they’ve been in decades causing people to be very cognisant of their finances.
“You know there’s only so much you can do and prices keep going up and it’s either you’re gonna suffer or you gotta find some way to protect yourself,” said Jacob Bassett of Greenfield.
The good news is that inflation is still much lower overall than we were last year.
Heath Kalb is a reporter who has been a part of the 22News team since 2022. Follow Heath on X @HeathKalb and view his bio to see more of his work.
