Inflation is the highest it's ever been in four decades. | Unsplash/Viki Mohamad
Inflation is the highest it's ever been in four decades. | Unsplash/Viki Mohamad
The pressure on Georgia residents' wallets is growing as the U.S. Labor Department reports that inflation is the highest it's ever been in four decades.
Inflation for the month of January was up by 7.5% compared with the same time last year, making it the biggest economic risk factor and forcing Americans to struggle to afford even the most basic necessities, AP News reported. This jump in consumer prices is the steepest year-over-year rise since February 1982.
"Gas is up 60%. Groceries are up by 6%. Inflation is the highest it's been in 40 years," the Greater Georgia account said in a tweet on Jan. 31.
Food, energy, auto, and housing costs are among some of the goods and services with prices that moved up from December to January, AP News reported. In January alone, apartment rental costs jumped 0.5%, electricity costs rose 4.2% and used-car prices spiked 1.5%
Many consumer-facing companies such as Starbucks and Chipotle have hiked menu prices by as much as 10% to offset the rising product and labor costs, AP News reported.
As inflation soars, a McLaughlin & Associates poll reported that 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. When asked in March 2021, 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 & Associates poll found that 57% of voters disapprove of President Joe Biden's job performance, while only 41% approve.
The Bureau of Labor Statistics' consumer price index for urban consumers reported that the food index alone rose 7% over 12 months, while the energy index increased by 27%. The 12-month increase for food at home was 7.4%, and the index for meats, poultry, fish and eggs took the greatest hit with a 12.2% increase, greatly raising the average American grocery bill.
The consumer price index is a measure of inflation, which takes several common consumer goods into account, the bureau reported.
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