Economic uncertainty, food insecurity follow Northeast Ohioans into 2023
That was evidenced Monday at the Mega Church Resource Center in Cleveland’s Clark-Fulton neighborhood. The food and clothing charity arm of the nearby Scranton Road church was scheduled to be closed in observance of the New Year, but one church member called and requested emergency help.
“I used to survive off of like $60 for a whole month. Now I’m spending $180 and it’s barely lasting me 3 weeks,” Covington said.The latest Consumer Price Index shows Americans are paying more than 7% higher prices for their average goods and services than the same time last year. The figure is down from a record 9.1% in June. But groceries, in particular, are up 12% from the previous year.
“We're seeing some alleviation there, but we may continue to see high prices for things like energy, which can spike based on global demand and also grocery and food prices,” Goldberg said. He said investors and those looking to make large purchases in 2023 will feel an even tighter pinch. At the current interest rate, a person with a credit card balance of $5,000 is now paying an extra $1,646 in interest. If you're looking to take out a fixed 30-year, $300,000 mortgage, you will now spend at least $500 more every month than you would have paid taking out the same loan at the start of 2022.
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