AUSTIN (KXAN) — Noticing higher prices at stores? You’re not alone. November saw the highest annual inflation from the previous year since June 1982.
According to the Bureau of Labor Statistics, the Consumer Price Index is up nearly 7% compared to this time last year.
“People are coming out of the pandemic, trying to find a way to re-engage and that is what has caused a rise in demand,” said Ananth Iyer, the Susan Bulkeley Butler chair in operations management at the Krannert School of Management.
Experts say rising demand, along with high energy costs, gas prices and supply chain chaos have sent inflation soaring. And it’s not just an issue for consumers.
“Some retailers are adjusting prices, others are reducing their margins in order to maintain prices and maintain market share,” Iyer said.
During President Biden’s closing remarks at Friday’s Summit for Democracy, the president discussed inflation and its affect on families, while also urging passage of his Build Back Better plan.
The President, who has taken a hit in the polls, acknowledged supply chain concerns and said his administration is working on it.
“It does affect families. When you walk in the grocery store and you’re paying more for whatever you’re purchasing, it matters.”
In the meantime, Iyer says “people who are willing to pay the higher price get the product.”