SALEM, Va. – Dr. Alice Kassens, Economics Professor at Roanoke College, says many factors are to blame for inflation and there is no clear end in sight, especially if you’re expected pre-pandemic prices.
Wednesday, The U.S. Bureau of Labor Statistics released data saying consumer prices rose 0.3% in April after rising 1.2% in March.
Some are seeing it as a sign that the high price of food and gas and other services may soon taper off.
“It’s moving in the right direction, but it’s taking a long time,” stated Dr. Kassens.
The price hikes have hit everything from food to travel.
Morgan Dean with AAA breaks down gas prices in the Roanoke area.
“Roanoke is at $4.16 today. That’s $0.02 from the all-time high record set back on March 11. It’s up $0.19 in a week, $0.27 in a month, and $1.41 more expensive than this day last year.”
Dr. Kassens explains what’s causing this inflation and how long economists think it will last.
“No one has a crystal ball and can see when China is going to fully open up when the war in Ukraine is going to come to an end, when all of the supply chain and labor shortage issues will come to an end,” said Dr. Kassens.
Despite the high rise, the summer travel season is heating up and people are choosing to cool off away from home. AAA says bookings are up, but people are traveling with a strategy.
“We’ve had some people that said, ‘Hey, here’s what I think it’s going to cost me to drive my car to this destination. Can you help me look to see if airlines’ tickets will be cheaper,’” said Dean.
Click here to check gas prices on AAA.com.