Special Feature: “Eyewitness News Guide to Inflation”
So how much longer will inflation and these high prices last? And where can you find places to save?
We explore all of this in a special 30-minute presentation, “Eyewitness News Guide to Inflation.”
A look at the numbers shows why people are struggling. Inflation in April was 8.3% and wages aren’t keeping up, so any raise you get doesn’t look like it.
Eyewitness News reporter Stacey Sager took a closer look at how these high prices are hitting home.
While it is true that inflation affects everyone, it does not affect everyone equally.
A Wall Street Journal study found that non-white, low-income Americans are particularly affected. Specifically, black women and Hispanic men felt the greatest impact.
As for income, nearly half of those earning $60,000 or less a year said inflation would cause them financial hardship. This compares to 13% of people earning $150,000 or more.
Eyewitness News reporter Mike Marza spoke to residents of Washington Heights and found a woman determined to help her neighbors.
So what drives inflation up? This is a complex issue loaded with complex layers, and the big challenge is how to stabilize price increases.
The pandemic has also played a key role in inflation, especially in the supply chain.
The issue of supply and demand is one of the reasons the Federal Reserve decided to raise interest rates in an effort to lower inflation.
It may seem counterintuitive, but by increasing interest on credit cards, home loans, car loans, and school loans, people will have less disposable income.
The Fed hopes that this, in turn, will slow demand for other commodities and eventually lower inflation. Will it work? ABC News chief business correspondent Rebecca Jarvis has more.
The Tri-State area has seen record high gas prices this week, and even if you’re not driving, the cost of fuel impacts everything.
Businesses have to spend more money on gas to deliver their products, and then businesses – especially small businesses – face an almost impossible question of whether to absorb the extra costs themselves or charge their customers more. .
Eyewitness News reporter Anthony Johnson looked at the impact on business.
Finally, Nina Pineda of 7 On Your Side has been providing tips for fighting inflation for weeks, ranging from ways to save on gas to ways to earn a little extra cash.
Now she’s looking for the best ways to stretch your dollar. It’s something we can all do because we pay more for food and just about everything else.
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