NEW ORLEANS — Things are expensive right now.
Buying a used car? Prices have gone up more than 25% form a year ago. Need to buy some bacon? That's also gone up about 20%. To make matters worse, economists aren't sure how long the price surge will last.
On Wednesday, the Labor Department announced prices have skyrocketed over the last year, jumping to 6.2% in October. Even on a month-to-month basis, prices are up. From September to October, the Bureau of Labor Statistics says costs jumped almost 1%. That may not seem like a lot, but when you're spending more with every purchase, it can add up.
With all the numbers/percentages, it can get confusing. However, what this all really means, is you're paying more out of pocket, even when it comes to everyday necessities.
For example, using the U.S. Inflation Calculator, that gallon of milk you bought for $3.59? Was $3.36 last year. That package of chicken breasts for $11.89 sold last year for about $11.13. And lets say you just spent $60.00 on gas. In 2020, that would've cost you about $56.14.
Some argue this price surge is being fueled by the current kink in the supply chain. Because with more things now open and people trying to get back to pre-pandemic life, suppliers can't keep up with demand.