WEST SPRINGFIELD, Mass. (WWLP) – Christmas is truly right around the corner, and last minute shoppers are running up against the wire. And this year, they’re also facing inflated prices.
Consumer prices are up more than five percent over this past year, rising at the fastest pace in almost 40 years. Prices are rising at a trend that’s well above the two percent inflation target set by the U.S. reserve. 22News spoke to one holiday shopper who told us it’s even tougher for larger families.
Michael Goyda told 22News, “I feel bad for people with families who have to go out and buy Christmas presents this year because everything has gone up, from food to any products out there; so it is a difficult winter.”
Overall consumer spending has been increasing as well, but not as quickly as analysts have been hoping.