CHICOPEE, Mass. (WWLP) – On Tuesday, 22News heard from residents as inflation hits new highs across the country and in Massachusetts. 22News spoke with people about how they’re trying to stay afloat during this trying time.
Budgeting. That’s the word many residents find themselves using often right now. People 22News spoke with tonight said that they’re doing that, even more, when it comes to feeding their families. Frustration is on the rise here in western Massachusetts, and sticker shock for most goods doesn’t seem to be going away anytime soon.
“Prices have gone up like a lot, it’s kind of crazy!” said Zoe Lepine of Northampton.
Inflation is hitting a 40-year high according to the March report from the Bureau of Labor Statistics. Consumer prices rose by 8.5%, an increase not seen since 1981.
“It’s just interesting because the prices of everything around me is going up, but my pay isn’t going up at all so it’s like where is the accommodation?” said Morgan Trenholm of Northampton.
Wages, also do not keep up with the cost of living according to the report. Rental rates and groceries hit a record high in March, and gas prices are climbing by another 18% since February.
“I mean gas is the most noticeable thing, groceries, diapers. We are really trying to get tighter on our groceries budget and our dining out budget. That’s kind of the only thing we have control over,” said Andrew Cannon of Northampton.
Some people are also worried about saving for the next big step, college.
“College is so expensive! I don’t know how I am going to pay for it. It’s so much money, the opportunities they give you, that costs money too!” said Emily Molnar of Northampton.
The Federal Reserve is also expected to boost interest rates several times this year to help combat rising inflation, and the federal reserve slightly boosted interest rates last month.