Prices for consumer goods continue to rise ahead of the holidays

Massachusetts

SPRINGFIELD, MASS. (WWLP) – It’s not just your imagination, prices have jolted in the last year.

The Labor Department said in October consumer prices went up by 6.2 percent compared to the same time last year. That’s the highest rate we’ve seen since 1990 and even between September and October, we saw prices go up by nearly a percentage point.

The places you’ve probably noticed that price spike significantly is at the pump. Tara Hutchings was in Ludlow today driving from Socita, New York to Boston. She’s been making trips back and forth to see family but her mind is also on the holidays.

“I’m noticing prices just about everywhere. I’m very worried about the holidays. I’m worried about being able to get what I want and then I’m going to have to pay for it,” said Hutchings.

The main reason we’re seeing these price jumps is due to bottlenecks we’re seeing in the supply chain, with Americans spending 15 percent more on tangible goods since before the pandemic. Fed Chair Jerome Powell has been calling these price increases transitory however he did acknowledge last week that we could see these prices stretch into the summer.

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