Meet Ur Planet

Main Menu

  • Home
  • Plane boarding
  • Tourist guide
  • Hotel accommodation
  • Travel booking
  • Vacation rentals

Meet Ur Planet

Header Banner

Meet Ur Planet

  • Home
  • Plane boarding
  • Tourist guide
  • Hotel accommodation
  • Travel booking
  • Vacation rentals
Vacation rentals
Home›Vacation rentals›Inflation is at a 40-year high, and an expert says the cost of living is even worse than the numbers say

Inflation is at a 40-year high, and an expert says the cost of living is even worse than the numbers say

By Meg P. Sousa
July 15, 2022
0
0


CHICAGO (CBS) — Inflation is at its highest level in 40 years – hitting 9.1% on the year in June, the highest since 1981.

The Consumer Price Index reports that the price of gas has skyrocketed nearly 60% in the past year – and that’s of course far from the only commodity affected.

Meanwhile, a market analyst told CBS 2’s Jackie Kostek that he thinks the cost of living right now is actually worse than the 9.1 figure suggests.

“Less than six months ago we were paying $13 and change for a crate of eggs,” said Lexington Betty Smokehouse owner Dominique Leach, “Now I’m paying $33 for it.”

Leach says food isn’t the only aspect of his business affected by inflation.

“We face higher costs for food, labor, rent, gasoline and cooking gas,” Leachs said.

All of this poses big problems for consumers.

“It certainly reflects the pain and the people who can’t take it,” said Jim Iuorio, chief executive of TJM Institutional Services.

Iuorio – a broker, trader and market analyst – says searing inflation means the average American has indeed taken a pay cut. And while reports suggest next year could bring the biggest pay rise in more than a decade at around 4%, Iuorio says to keep up with inflation, that rise should be much bigger.

“I think you could have had a 12% year-on-year pay rise, and it wouldn’t have done anything. Prices have at least gone up,” Iuorio said. “So I think you have to have something more than that to do better in this current environment.”

Iuorio believes that the consumer price index actually underestimates current inflation.

The CPI indicates that food rose 10.4% year-over-year in June. Iuorio estimates that restaurant costs have increased by more than 23-24%, which Leach can attest to.

She says she has done her best not to pass on the rising costs to her customers and does not resort to so-called “shrinkflation” tactics – serving customers less food for the same price. But still, she says it’s hard.

“We do our best to adapt and be flexible so that the client does not see the difficulties on his side,” said Iuorio.

Leach says realistically that she doesn’t want to impose too many additional fees on her clients, because it might turn some people away. She said a customer wrote her a negative review recently after she raised the cost of the chest by $1 – showing what a balancing act it must be for business owners right now.

Also, while it may be tempting given the difficulties of the current economic situation, financial experts advise avoiding payday loans – short-term, high-interest loans that are usually due on the day of your next repair.

Such loans offer a “cash fast” option, but with an average interest rate of 400%, quick cash can send you into a dangerous spiral of debt.

Experts say payday loans should be your very last option, and even personal loans are a better decision.

Jackie Kostek

jackiekostek.jpg

Jackie Kostek is a reporter and anchor, covering both news and sports for CBS2 Chicago

Related posts:

  1. Las Vegas homeless ordinance sparks community concerns
  2. How to save money as a couple
  3. Should I use a loan rather than an overdraft? – Who? New
  4. California electric bus maker Proterra unveils new battery pack to help electrify commercial combustion-engine vehicles – FutureCar.com

Categories

  • Hotel accommodation
  • Plane boarding
  • Tourist guide
  • Travel booking
  • Vacation rentals

Recent Posts

  • Video of man smoking on plane goes viral
  • An exclusive report on the size of the payday loan services market Will
  • Fire escape plan reveals Air New Zealand’s top secret lounge with incredible benefits
  • Travis Barker “was afraid of heights” but is in love with Kourtney
  • Pilot reveals how to look and feel refreshed in flight

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • March 2018
  • February 2018
  • December 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • January 2017
  • December 2016
  • September 2016
  • August 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • November 2015
  • October 2015
  • August 2015
  • July 2015
  • June 2015
  • April 2015
  • June 2014
  • April 2014
  • March 2014
  • February 2014
  • August 2013
  • July 2013
  • April 2013
  • September 2012
  • March 2012
  • February 2011
  • June 2009
  • Privacy Policy
  • Terms and Conditions