Feeling the Bite of Inflation? Here’s Why

Although gas prices dipped for a few days last month, top economists are predicting that inflation will continue to rise into 2023. And while no one's ready to call it a full-blown recession, it may be months before things correct at all.

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There are higher prices for gas, milk, beef, chicken, hotels, airline tickets, used cars, new cars, etc. Inflation is affecting stock market returns as companies report lower profitability. Inflation is an inescapable fact of life in 2022, and the bite it's taking out of your wallet makes it harder to balance budgets.

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The last time inflation was this bad was in the early 1980s, and there are five reasons why prices keep increasing.

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China remains an uncertainty in the global supply chain. The country manufactures a large percentage of electronics, consumer goods, fasteners, etc. But the government has locked down entire cities because of COVID-19 restrictions. Companies utilizing China as their manufacturing hub are severely impacted.

In the US, labor shortages are hindering production for small businesses, manufacturers, farms, etc. Unemployment is sub-4%, and jobs are plentiful and easy to find. The United States had 21 months of job growth. Companies have reported people retiring early or leaving for new jobs.

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Drought has reduced agricultural production by farmers. Ranchers have reduced the output of livestock. The result is rising prices for grain, cereals, dairy, and meat, as experienced by many people in grocery stores.

Sanctions are limiting its exports and helping prices rise. Lastly, the war has caused global oil, natural gas, and auto fuel prices to spike. Rising energy costs are a leading contributor to inflation.

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This money arguably limited deeper unemployment and state and local problems, but it drove up demand as it put money in the hand of consumers. Manufacturers and retailers could not meet the need quickly, causing prices and inflation to rise.

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Feeling the Bite of Inflation? Here’s Why

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Although gas prices dipped for a few days last month, top economists are predicting that inflation will continue to rise into 2023. And while no one's ready to call it a full-blown recession, it may be months before things correct at all.

The last time inflation was this bad was in the early 1980s, and there are five reasons why prices keep increasing.

Supply Chain Disruptions

In the US, labor shortages are hindering production for small businesses, manufacturers, farms, etc. Unemployment is sub-4%, and jobs are plentiful and easy to find. The United States had 21 months of job growth. Companies have reported people retiring early or leaving for new jobs.

Labor Shortages

Drought has reduced agricultural production by farmers. Ranchers have reduced the output of livestock. The result is rising prices for grain, cereals, dairy, and meat, as experienced by many people in grocery stores.

Drought

Sanctions are limiting its exports and helping prices rise. Lastly, the war has caused global oil, natural gas, and auto fuel prices to spike. Rising energy costs are a leading contributor to inflation.

War in Ukraine

This money arguably limited deeper unemployment and state and local problems, but it drove up demand as it put money in the hand of consumers. Manufacturers and retailers could not meet the need quickly, causing prices and inflation to rise.

Federal and Monetary Stimulus

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