Inflation in prices will stick around, Federal Reserve head says

Some of this is because the pandemic is getting better. But in other cases -- the pain could last.

News 12 Staff

Jul 15, 2021, 2:33 AM

Updated 1,015 days ago

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Overall prices are up by about 5.5% over the last year -- the biggest jump in 13 years.
Some of this is because the pandemic is getting better. But in other cases -- the pain could last.
One restaurant owner in Englewood says his costs have gone up more than 40%, so he's had to raise his prices a dollar or two all around. It's another blow following COVID-19 restrictions.
"That affected me tremendously, and now food costs and labor costs in the restaurant business -- it's just a double whammy," he said.
Different goods are being affected for different reasons: plane tickets are up almost 25% for the year, hotel prices nearly 17%.
Gas prices just hit a seven-year high.
Just over the last month — used cars rose almost 11%, with rentals increasing about 5%.
The head of the Federal Reserve says he thinks these prices will stay high for months.


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