Pages

The US Is Seeing a Hike In Inflation And The Prices of Many Goods Have Risen Due to This

Inflation is increasing as the economy of many developed countries are declining, however, countries like the USA are also not exempted from this. This inflation has also affected the prices of ordinary goods in the USA. According to the data from the U.S. Bureau of Labor Statistics, the prices of many products have increased much more as compared to 2021. The product which has been the most affected by this inflation is elementary school lunches in the USA. Many families couldn't afford them already but now they are out of reach even for the middle class.

The second on the list is once again food but at employee sites and high schools. The third place most affected product because of inflation is fuel oil. The reason why the school lunch prices are increasing is due to the federal waiver contract which has come to an end. The Federal Waiver Program was the one that provided free lunches to schools all over the US. Fuel prices increased by 66% this year as compared to last year and the prices of eggs increased by 49%. As these prices have increased, it is also important to mention that airfare prices also observed an increase of 36%. Just like that, living room, kitchen, and dining furniture prices have increased by 10.3%. The prices of alcoholic beverages also got raised by 4.5%.

There are also some goods whose prices have decreased in 2022 like smartphones by -23%. These aren't the prices that have decreased, rather the quality of smartphones has increased and that's why the prices aren't making a difference. Televisions and beef roasts have seen a decline in price like -17% and -8% respectively.

If we take a look at the overall inflation in US goods prices in the light of the Consumer Price Index, it has increased by 7.1% this year. If we take a look at the comparison of prices in the years 2021 and 2022, food prices have increased by 10.6%. The goods related to energy have seen a hike by 13.1%. All the prices of items that aren't food and energy have increased by 6% in 2022 as compared to 2021.

Now we have to wait and see what 2023 will bring for inflation. It seems that the prices are going to exceed due to the current economic conditions of many countries all over the world. Some experts believe that there will be more economic crises due to inflation in many households in America, but they won't be to a greater extent.
Infographic: Visual Capitalist

No comments: