Inflation soars nationwide as anxiety increases over the cost of everyday goods and services. | Canva
Inflation soars nationwide as anxiety increases over the cost of everyday goods and services. | Canva
Around the country, Americans are seeing the costs of their everyday goods and services rise drastically. Nevada, as it turns out, is not immune from that trend. In fact, it is one of the leaders.
It was previously speculated by the White House that the inflation was purely temporary, but Bloomberg economists Anna Wong and Andrew Husby said otherwise.
“We expect inflation to get worse before it improves, peaking at around 7.8% in next month’s report,” Wong and Husby said, Bloomberg reported.
AP News reported inflation has now jumped to 7.5% nationally, making it the biggest economic risk factor and forcing Americans to struggle to afford even the most basic necessities. The 7.5% jump in consumer prices is the steepest year-over-year rise since February 1982.
In comparison to other areas, the mountain-states of the U.S. are reported to be suffering from the starkest inflation rates in the country, FOX Business reported. A near 9% inflation is causing employees to be minimally affected by wage increases, forcing families to squeeze their budgets and closely monitor their spending. This West region of states, Nevada included, prices have surged 8.6% over the last year.
Food, energy, auto and housing costs are among some of the goods and services with accelerated prices from December to January nationally. In January alone, apartment rental costs jumped 0.5%, electricity costs rose 4.2% and used-car prices spiked 1.5%, AP reported.
Many consumer-facing companies such as Starbucks and Chipotle have been forced to increase menu prices by as much as 10% to offset the rising product and labor costs, according to AP.
Americans have certainly taken notice of rising prices, and impatience is growing with the administration of President Joe Biden.
As inflation soars to the highest it has been in 40 years, a McLaughlin & Associates poll reveals the year 2022 has brought a greater concern for the economic state of the country when compared to similar polling in 2021. As of January 2022, 31% of voters' greatest concern is U.S. economic issues, while 23% are more concerned with social issues. These numbers are different from those of March 2021. When asked last year, 25% of Americans were concerned about economic issues, and 22% were concerned with social issues.
With record high inflation and economic issues taking the top spot on voters list of concerns, the same McLaughlin poll found that 57% of voters disapproved of Biden’s job performance, while only 41% approved.
Alerts Sign-up