Inflation is hitting nearly every part of the economy and there is no quick end in sight, but as DBrennanTV reports, many consumers continue to spend as the job market remains strong.
One New York City supermarket chain tells CBS2 it just again raised the price of eggs because the margin loss became critical. The executive says rising gas prices and labor shortages have also increased the costs of basics such as chicken, milk and spices.Shoppers told CBS2's Dick Brennan they're trying to cut every corner.Food prices were up 12.2 percent since last year.
"They know consumers will notice a direct price increase, but they won't notice if the product gets a little bit smaller," said Edgar Dworsky, with ConsumerWorld.org.Record-high inflation is also exacerbating New York City's hunger crisis. City Harvest says there are 36 percent more food insecure residents than before the pandemic.
City Harvest says it recently surveyed clients of its community partners, and 9 out of 10 say they expect to rely on pantries more this year exclusively because of inflation. So far this year, the nonprofit has rescued tens of millions of pounds of meat and produce to serve nearly 400 pantries and soup kitchens across NYC.A look inside the numbers shows the cost of rent rose at a rate not seen since 1991.
Gas soared 59.9 percent in June compared to 2021. The cost of gas is declining, however. AAA says prices are down almost 40 cents a gallon in the past month, slowly dropping 28 days in a row, the longest stretch since the pandemic hit.
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