1. Groceries/household items: Anyone who goes to the supermarket has seen the price of their bread basket items, such as groceries and other household items, rise significantly in the last year or so! What prompted this? The single - most important factor is probably supply - chain considerations, because items are more difficult and expensive to get to stores! Because of this, one factor is, of course, supply and demand. According to this concept, when supply does not keep up with demand, prices usually rise! Another factor is most likely greed, which is also related to pandemic ramifications and impacts. How long will this last, and what strategies might be employed to address it?
2. Utilities/oil and gas, etc.: We are seeing rising costs in both electric rates and heating costs! Oil and gas prices are rapidly increasing, causing everything else to become more expensive!
3. Gasoline/fuel at the pump/station: In terms of what we pay at the pump, we are nearing or at record highs! Some of this is due to rising labor costs, but much is also due to greed on the part of one or more components in the delivery chain! President Biden recently released some of our Strategic Oil Reserve to address the short-term effects of increased demand, as well as the Supply and Demand ramifications! Since the United States is now allegedly the largest producer of oil, we cannot simply blame OPEC, etc., but must recognize that this is a multi-faceted, overall, inflation - related trend, etc!
4. Housing Costs (sales prices, repairs/renovations, rents, and so on): The cost of purchasing a house has risen dramatically in most geographic areas in the last year or so! Some of this is due to the Supply and Demand ramifications of a continuing Sellers Market due to a lack of desired inventory. Some of this is due to the impact of low mortgage rates on buyers' perceptions of their ability to afford more due to the impact on monthly payments. Part is related to inflation, but whether inflation caused rising home prices or whether that rise contributes to overall inflation rates! Remember, we are seeing much of this trend because of the ramifications of the horrific pandemic on thought processes and perceptions! Because materials and labor have become more expensive, we are seeing far - higher costs for repairs, renovations, and so on.
5. Dining/entertainment: Restaurants have felt the effects of inflation as much as any other industry! The difficulties in obtaining assistance, as well as the rising costs of labor, food, utilities, and so on, have resulted in significant price increases in the cost of dining out, among other things! Entertainment costs have risen as a result of the pandemic's various effects and ramifications, as well as inflation!
Inflation is here to stay, but for how long? Many factors will determine the long-term consequences, but it is certainly prudent to proceed wisely and prepared/ready!"""