latest statistics<\/a> show inflation rates vary significantly by category. Groceries overall increased 3.1%, with meats, poultry, fish and eggs rising 3.9%. Food away from home jumped 4.1%, while non-alcoholic beverages climbed 5.1%.<\/p>\nEnergy costs overall rose 2.3%, but fuel and oil spiked 7.4%. Electric bills increased 6.7%, and natural gas costs surged 10.8%.<\/p>\n
University of North Carolina at Wilmington (UNCW) economist Dr. Mouhcine Guettabi said consumers now pay about 30% more for groceries than five years ago. What cost $100 at the grocery store now costs $130.<\/p>\n
\u201cThe bottom line is that how you feel about inflation depends on their take-home pay. And how much that take-home pay has increased, relative to what\u2019s happened to that box of cereal or that lemon. Because that\u2019s what ultimately tells you about your purchasing power,\u201d Guettabi said.<\/p>\n
Inflation rates for the following categories can be seen below:<\/p>\n
GroceriesOverall: 3.1%Meats, poultry, fish, and eggs: 3.9%Food away from home: 4.1%Non-alcoholic beverages: 5.1%Energy costsOverall: 2.3%Fuel\/oil: 7.4%Electric: 6.7%Natural gas: 10.8%Medical servicesOverall: 3.5%Hospital services: 6.6%Physican services: 1.9%OtherCar maintenance and repair: 5.4%Rent, mortgage, property taxes, etc: 3.2%<\/p>\n
The inflation prices can be attributed to the cost of labor or supply costs.<\/p>\n
\u201cEither supply costs increase over time. If the farmer has increased prices because the things that they buy have increased, they\u2019re going to try to pass on some of that cost to you. Then there is the fact that wages over the pandemic have increased. If I\u2019m a restaurant and my bill to pay my workers has increased quite substantially, I\u2019m going to have to increase my prices to keep up,\u201d said Guettabi.<\/p>\n
Another factor contributing to inflation is tariffs. But economists report the effect of tariffs hasn\u2019t been what they expected to see.<\/p>\n
\u201cSo far, the effects of tariffs have actually been much milder than most people have assumed and forecasted. The shock on inflation from tariffs have been milder than anticipated so far,\u201d said Guettabi.<\/p>\n
Many families aren\u2019t seeing the same increase in paychecks, forcing tough budgeting choices as prices rise across categories.<\/p>\n
\u201cBe cognizant of where the deals potentially are, do a little more research, and then just try to stay away from impulse buying, and that\u2019s where those purchases tend to hurt,\u201d said Guettabi.<\/p>\n
Guettabi said discount stores like Walmart tend to perform better during inflation peaks because of competitive pricing and everyday deals. He recommends shopping in bulk and researching purchases.<\/p>\n
\u201cSet a budget and stick to it. Do your research. The internet has made it really easy to do comparison shopping. It doesn\u2019t hurt to go to a few different stores; some deals pop up at different stores,\u201d Guettabi said.<\/p>\n
Simple changes like switching brands or shopping locations can provide some relief, though consumers shouldn\u2019t expect significant changes on receipts anytime soon.<\/p>\n
\u201cUnfortunately, the price increases we\u2019ve experienced over the last few years because of COVID, because of supply restrictions, because of a myriad of factors, are here to stay. And there is really not much relief the consumer is going to face,\u201d said Guettabi.<\/p>\n
Making the tough choices is frustrating for the everyday consumer, said Guettabi. When everyday necessities are getting more expensive at a faster rate than your paycheck, it may feel like you\u2019re drowning.<\/p>\n
\u201cYour dollar is not stretching as far as it used to. You feel like you can\u2019t make it to the end of the month. And that\u2019s really the big, big challenge with inflation is that it just eats up money, especially if our wages are not increasing at the same clip as the things that we tend to buy, in particular necessities.\u201d<\/p>\n
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