Ballooning costs are leaving consumers frustrated, with no clear indicators of relief anytime soon. <\/p>\n
If and when the situation in Iran is resolved, it’ll still take months to see prices return to normal, said Ryan Moore, community financial center manager for GTE Financial. Market conditions are fickle. A single social post from Elon Musk can be enough to impact them, he said. <\/p>\n
“We’re a very connected global economy these days, so something [that] happens on the other side of the planet is going to impact how much we spend for a pound of beef at the grocery store,” Moore said. <\/p>\n
Price hikes in one area impact supply chains in another, said Kyle Mouton, talent development manager at GTE Financial. <\/p>\n
“Gas prices go up, then that means transportation costs go up,” Mouton said. “Everybody’s going to increase their prices along the way.” <\/p>\n
John Rainey, Walmart’s chief financial officer, said in an interview with CNBC last month that consumers at gas stations have begun filling cars with less than 10 gallons on average for the first time since 2022. <\/p>\n
“The high-income customer continues to spend with confidence in many categories, whereas the lower-income consumer is a little more budget-conscious, even navigating some financial distress,” Rainey said regarding how inflation has affected Walmart customer spending. <\/p>\n
Bank of America CEO Brian Moynihan said in an interview with NBC in June that Americans are still spending money despite inflation. <\/p>\n
“They’ll shift from this grocery store, which might have a higher price point to another grocery store,” Moynihan said. <\/p>\n
The Tampa Bay Times spoke to residents across Tampa Bay to find out how inflation has affected them. <\/p>\n
Feeling the pinch <\/p>\n
St. Pete residents Ally Williams, 30, and Nicholas Ramentol, 32, used to shop at Publix before rising costs drove them out. Now, Williams said, they shop at farmers markets for produce and go to Aldi and Costco for everything else. <\/p>\n
Story Continues <\/p>\n
“I feel like we all need to take a deep look as a country and maybe think about our leadership,” Ramentol said. “It feels self-inflicted.” <\/p>\n
Last month, President Donald Trump downplayed rising consumer price data, and reiterated that rising prices will fall quickly once the conflict with Iran concludes. <\/p>\n
As a software engineer, Ramentol said he’s seen computer equipment get at least 20% more expensive. A monitor he bought for $700 is now worth nearly double that, he said. <\/p>\n
Even concert tickets have surged in price, Williams said. <\/p>\n
When inflation first ramped up, Jen Parramore, 73, said she and her husband were financially comfortable enough not to worry. <\/p>\n
Then, prices kept climbing. <\/p>\n
“Now, it’s more troublesome,” said Parramore, who lives in St. Pete. “I shop more carefully; very little red meat, lots more beans, legumes, vegetarian diet.” <\/p>\n
Although she’s retired, gas is still a concern. While driving, Parramore keeps an eye out for gas stations priced a few cents lower. <\/p>\n