Inflation continues to show no signs of slowing down

Inflation reaches 40-year high
Published: Jun. 10, 2022 at 4:41 PM EDT
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WATERTOWN, CT (WFSB) - Friday, a key report from the US Bureau of Labor Statistics shows inflation has risen to 8.6%, the highest it’s been in more than 40 years.

Food prices went up more than a percent last month, bringing the total rise in price to 10.1% since last year.

Energy costs are up nearly 35% from last year, with gas up nearly 49% from 2021.

Jessica Disapio, co-owner of Watertown Meat Center, says while some meat prices have been manageable compared to last year, extra costs have filled the gap to keep it hard to deal with.

“It really comes down to the cost of labor, the cost of supplies, the fuel surcharges we’re all receiving. The additional charges that have to keep getting passed on to the little people,” says Jessica. “How do you pass that along? how do you pass it along and still have people keep coming? We’re a small independent meat market. So we do offer everything, but again I’m not a full-fledged grocery store. I’m only 4,800 square feet.”

Fuel surcharges have gotten tacked on to all products transported as gas hits record highs.

Energy, which includes gas, is up nearly 35-percent from last year.

“How do we address production and how do we create incentives relative to the production and refinement of energy domestically,” said Ken Goroshko, Economics and Finance Professor at the University of Hartford.

Goroshko said the U.S. needs to figure how to be more energy independent.

That will give more control on prices, which could make it easier to keep things manageable.

“Energy independence is still a national security issue that has to be at least acknowledged and addressed going forward to control the cost of energy as it impacts everyone involved,” said Goroshko.

Staff shortages continue to affect businesses from making as much as they can.

Watertown Meat Center said they are looking for full-timers, including butchers and people for their deli.

Inflation jumps 8.6-percent