Food, gas, and housing all cost more than they did the month before, never mind last year. For those without disposable income, this becomes a daunting landscape to navigate.
U.S consumers are paying higher prices for gas, food, and rent than they have in decades. How long that can continue will be one of the key factors affecting inflation this year. CLEVELAND, Ohio - It’s hard to ignore the rising cost of necessities in Cleveland right now. How far can a dollar stretch if prices keep increasing and wages remain the same?Let’s start with what inflation is not. If you notice that the cost of lemons has increased at the grocery store, that alone is not inflation.
An accumulation of different factors typically causes inflation. Right now, those include increased demand, reduced labor force, and reduced output from suppliers due to the pandemic and Russia’s war with Ukraine. Ohio increased its minimum wage to $9.30 per hour on January 1, up from $8.80. This amounts to a 5.6% increase in wages. However, this wage increase doesn’t even cover the CPI difference of 7.5% from January 2021 to January 2022.
This doesn’t mean employers are paying less; it just means that what they are paying doesn’t go as far. If inflation increases a little, minimum-wage households may have to cut back on non-necessities like travel and entertainment. But if inflation is high, they might have to make decisions about utilities and food.
the primary fuel for transportation, rose 48.7% alone. In Greater Cleveland, gas has increased by almostto view this chart tracking gas prices and other charts in this story. , more than triple the minimum-wage increase that many renters may have received at the beginning of the year.to view this map showing rent changes in Greater Cleveland and other charts in this story.Predicting the future of inflation is tricky when so many different components have to be factored in. It’s difficult to tell how much longer prices can continue to increase. But right now, the trajectory looks like it will get worse before getting better.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Tarrant Area Food Bank running low on food donations while demand increasesTAFB says they are struggling right now. Fewer donations over the last two months have depleted their food supply. And it’s not just one product. It’s all of them.
Weiterlesen »
Route 66 Installment #26: Hot (and Not) Food Trends PART 1 ⋆ Bad Girl, Good BusinessReading Time: 3 minutes June bugs eat plants. And so did we. Plant-based products were among the hot trends at this week’s New York Fancy Food Show. In February, I visited the Las Vegas Show. And because 33 foods weren’t nearly enough, I went to the east coast show too. Not only did I discover a whole new range …
Weiterlesen »
Nonprofit: Russian missile blows up Ukrainian train filled with foodWorld Central Kitchen founder Jose Andres reported a Russian missile struck a train filled with food as his nonprofit group continues its humanitarian efforts in Ukraine.
Weiterlesen »
Ghana chef serves free stew as more struggle to afford foodStorm clouds circled a large zinc shed outside Ghana's capital Accra where market porters sat on overturned metal bowls, disheartened by the lack of business as the encroaching rain deterred shoppers from nearby stalls.
Weiterlesen »
California’s plan to provide food assistance to undocumented residents leaves some outCalifornia is poised to become the first state in the nation to extend food assistance benefits to some undocumented immigrants. But advocates say it’s not enough.
Weiterlesen »