BEDFORD COUNTY, Va. – The price of everything we buy continues going up faster than we’ve seen in more than 40 years, according to the Labor Department.
Leaders in Virginia say the pandemic and the conflict in Ukraine are to blame. They’re searching for short-term and long-term solutions.
Record-high inflation is one of many things Democratic U.S. Senator Mark Warner is speaking about in communities across the Commonwealth this week.
He was in Bedford County Wednesday morning with answers on what’s being done to bring some relief.
“The most immediate thing that can be done is if the Federal Reserve slowly ratchets up interest rates,” Warner says “That has been shown to be the most effective tool.”
Warner says there’s some concern that raising rates too quickly could push the economy into a recession.
He adds they’re taking action to lower gas prices as well, which is the largest driver of inflation.
“One of the things the administration did as well was go ahead and allow American natural gas to produce more here in this country,” he says.
The administration is releasing 1 million barrels of oil each day from our strategic reserve.
We’ve seen gas prices tick a little bit lower. According to AAA, the average price for a gallon of gas in Virginia is $3.94. That’s down from our record high of $4.25 on March 11.
However, it’s still well above the $2.70 we were paying a year ago and we’re not out of the woods yet.
“I can’t stand here and tell you it’s all going to be fixed tomorrow,” Warner says. “I do hope that Americans, I know there’s a lot of suffering and hurt going on, realize this is part of a global conflict.”
He says Russia’s war on Ukraine is causing worldwide inflation. Since we are so globally connected, he says there’s no telling when we will really see that inflation come back down.