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Updated: 9:00 PM Jul 16, 2008
Inflation Hits Consumers’ Pockets
Gas pumps aren't the only places where you'll get sticker shock.
Posted: 5:32 PM Jul 16, 2008Reporter: Josh Gauntt Email Address: joshua.gauntt@wjhg.com Grocery Prices Up |
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You're grocery list could be getting a little shorter because the price of food has gone up, and it's putting consumers like Brandie Massey between a rock and a hard place.
"I have to look for cheaper stuff instead of the name brand stuff. That way I can afford to feed my family," Brandie Massey said.
The price of a gallon of milk to eggs to even that bread you make those peanut butter and jelly sandwiches on has gone up.
The average price for a gallon of milk in local stores is nearing $5. According to the Labor Department, consumer prices jumped 1.1 percent last month. That index is up five percent from a year ago. That's the fastest growing pace in 26 years, so those groceries are going to cost a lot more.
Federal Reserve Chairman Ben Bernanke, who spoke in front of Congress Tuesday, said the Fed is concerned about possible threats to rising inflation.
"We could see an unwelcome rise in actual inflation over the longer term. A critical responsibility of monetary responsibility fears is to prevent that process from taking place," said Bernanke said, testifying to Congress.
"Are you making your list a little shorter? Yeah, I eat more cheaper types of meat," Geraldine Thompson, a customer, said.
The driving factor behind these rising food prices is higher fuel cost for suppliers delivering the food.
"What do you think needs to be done?”
“Well, I think the environmentalists need to get off their can and you know let the United States start exploring for oil here," Thompson said.
Earlier this week President Bush lifted the executive order banning oil drilling in the Gulf. Now it's up to Congress to lift the moratorium.
June's inflation rise was the largest since July 2007 when it rose by six-tenths of a percent. Experts say we could be at record levels in the coming months.
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