Happy Valley Times

Over the past year, people across the U.S. have seen the cost of everyday items and essentials increase drastically in what the White House is calling "transitory inflation," according to Bloomberg.

In Pennsylvania, the effects of inflation are being felt as deeply as anywhere else in the country.  According to Bloomberg, Pennsylvania saw inflation of more than 7% in the past year, which is a 40-year record. The 7.5% jump in consumer prices is the steepest year-over-year rise since February of 1982.

Inflation continues to strike right in the heart of Pennsylvania residents' wallets, hitting everyday goods and services and driving the cost of living in the state ever higher. 

Food, energy, auto and housing costs are among some of the goods and services that have increased in price from December to January. In January alone, apartment rental costs jumped 0.5%, electricity costs rose 4.2% and used-car prices spiked 1.5%, according to AP News.

The Philadelphia Inquirer says the state of Pennsylvania reported the highest gas prices of any state east of the Rockies in January. Pennsylvania’s demand for gas has dropped in recent months as a result of winter weather conditions, work-from-home culture and the latest coronavirus variant.

Although a decrease in demand has historically brought cheaper gas, inflation has diminished that economic trend. With crude oil prices reaching $80 a barrel, prices at the pump are expected to continue to rise.

Many consumer-facing companies, such as Starbucks and Chipotle, say they have been forced to increase menu prices by as much as 10% to offset the rising product and labor costs.

Bad news turns to worse as experts chime in with the opinion that inflation is here to stay.

In a recent Bloomberg economic report, economists Anna Wong and Andrew Husby reflect on the aggressive 7.5% inflation hike. "We expect inflation to get worse before it improves, peaking at around 7.8% in next month’s report,” they told Bloomberg.

Nationally, the consumer price index showed that the food index alone rose 6.3%, while the energy index increased by 29.3%. The 12-month increase for food at home was 6.5%, and the index for meats, poultry, fish, and eggs took the greatest hit with a 12.5% increase throughout 2021, greatly raising the average American grocery bill.

The consumer price index is a measure of inflation, which takes into account the cost of dozens of common consumer goods.

Voters have clearly taken notice of the increase in prices, turning their attention to the Biden administration and demanding answers.

A McLaughlin & Associates poll reveals the year 2022 has brought a greater concern for the economic state of the country when compared to similar polling in 2021. As of January 2022, 31% of voters' greatest concern is U.S. economic issues, while 23%  are more concerned with social issues.

These numbers are different from those of March 2021. When asked last year, 25% of Americans were concerned about economic issues, and 22% were concerned with social issues.

With record-high inflation and economic issues taking the top spot on voters' list of concerns, the same McLaughlin poll found that 57% of voters disapproved of President Biden’s job performance, while only 41% approved.