RALEIGH, N.C. (WTVD) — A new report released by the Labor Department found consumer inflation rose by 7.9% over the past twelve months, the largest increase since 1982.
“I think (lower-income earners) are in a lot of ways in a crisis right now, because many of those people are the people who can’t work from home. They have to get on the road and go to work. They have to get gas. They have to figure out how to feed their families on a much more limited budget. I think those are the folks I probably worry about the most,” said Dr. Henry McKoy, the Director of Entrepreneurship at NC Central.
Over the past year, gas prices are up 38%, food prices in-line with general rates at 7.9%, airline fares increased by 12.7%, and hotel and motel prices jumped 29%. The ongoing invasion of Ukraine also causing prices to rise, especially with gas and certain food products.