PROVIDENCE, R.I. (WPRI) ─ If you feel like you’re reaching deeper into your pocket at check out, you probably are, according to Johnson and Wales Associate Professor Timothy Howes.
This June, the Consumer Price Index reports overall prices increased by 5.4% as compared to the same time last year.
One price that’s gone up significantly is gas.
“Gas used to be so much cheaper,” local college student Esthel Shin said.
At the pump, the Consumer Price Index estimates drivers paid roughly 45% more for gas compared to last June.
And when it comes to food, prices increased by more than 2%.
“Are we having inflation today? Yes, absolutely we are,” Howes said. “We haven’t seen this type of inflation in many years.”
There are several reasons as to why prices are skyrocketing, according to Howes.
He attributed it to a shortage in supplies, high demand for certain items and the stimulus checks the federal government provided to millions of Americans.
“When we go to the grocery store and we go to pay for many common goods, those things are going up in price because there’s just more dollars chasing the same number of products,” Howe explained.
Howes urged everyone not to panic or worry about the price increases. Instead, he suggests consumers be cautious of where and how they’re spending their money.
“It’s a matter of making choices to try and minimize how it impacts you,” Howes said.
It’s unclear how long the inflation will continue, but Howes believes it will likely stick around for awhile.