Currents News Staff
Across the country, prices are rising faster than they have in nearly four decades, causing more anxiety among Americans including small business owners who are trying to manage.
“For me it’s just hurting, hurting us more as a business individual than, you know, having it passed to them and hurting them more because you know the way things are,” said the owner of Alvernon Donuts, Poe Kem.
The U.S. consumer price inflation index rose 7.5% over the past year before seasonal adjustments. That’s the steepest climb in prices since the year ending in February of 1982 – according to data from the Bureau of Labor Statistics.
In a statement, President Joe Biden says his administration is using every tool it has to manage inflation.
“I’m gonna work like the devil to bring gas prices down,” the president said, “which I’m gonna, working to make sure that we keep strengthening the supply chain to bring the cost of energy and everything else, the goods that come to America down by helping the ports 24/7, by changing a whole range of things.”
Prices went up across the board last month, including for housing, furniture, used cars and healthcare. The increases are even worse than economists had predicted. But the president’s advisers maintain the situation will improve this year.
“What the forecast tells you is that the job market should stay tight and get even tighter supporting wage growth, while inflation decelerates, while it slows,” said Council of Economic Advisers Member Jared Bernstein.
Relief that can’t come soon enough for consumers.
“Hopefully they will understand because this type is not just happening at our facility,” Poe said. “It’s happening all over.”