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The increase in prices scares everyone and more when it is registered in the products that the majority of the members of the households in the United States buy.
Inflation is the economic process in which the prices of products register a increase , and therefore decreases the value of money among the members of an economy.
During the pandemic in the United States many consumers faced higher prices on goods and services while losing their income due to layoffs or simply their income did not register a change, so purchasing power and disposable income were affected .
The Bureau of Labor Statistics has published a report of the Consumer Price Index for the month of September , which shows that buyers are paying on average 5% more for goods and services compared to this same period last year . A survey by the consulting firm Morning Consult shows that consumers in the United States expect the economy to worsen in the next year .
What are the prices that more surprising consumers?
The products that have increased the most in price in a year are:
- The gas: 42%.
- Gas service: 20. 6%.
- Used cars and trucks: 24.4%.
- Food: 4.5%
- Dairy products: 10.5%.
There is only one category of goods that has seen its price decrease in the last year: Sanitary products , such as medicines, medical supplies and equipment.
Why are prices increasing?
The labor shortage has been a common theme in private sector discourse on rising prices. Whether for distribution or production, companies have had difficulty attracting workers. Initially, it was he blamed unemployment benefits that the federal government and states gave to workers who lost their jobs during the pandemic. This idea led to a large number of states terminated the delivery of benefits early .
Despite the criticism received by unemployment programs and benefits that ended in early September, The problem of hiring new workers persists in all sectors a few days before the beginning of November . This means that there could be other reasons that prevent workers from re-entering the workforce .
In the United States there are more than 10 millions of job vacancies in all sectors that are desperate to hire more staff , while workers are more likely to choose the best job that offers them the best quality of life
In August the data showed that more than 4 million workers quit their jobs . The education and food sectors experienced the highest level of resignations.
Now we will have to be aware of the September data that will be revealed in November and that will be an important factor to evaluate if this phenomenon continues until end the fall.
Whether for distribution or production, companies have struggled to attract workers. Initially, unemployment benefits granted by the federal government and states were blamed for workers who lost their jobs during the pandemic. That idea led to a large number of states ending the delivery of benefits early .
More keys to understand the price increase
In addition to the shortage of workforce, companies have pointed out other problems in the supply chain to justify the increase in prices.
Among them is the shortage of raw materials and the difficulties that transporters and even ships are facing to get products and raw materials to production centers .
These problems are also related to labor shortages and changes in consumer preferences during the different stages of the coronavirus pandemic.
So far there is no date for the problems in the supply chain to end and continue to affect consumers . Finance experts expect inflation to be higher during the year 2022.
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