Here s a cut-and-dry visual of inflation if there ever was one: the Everything 79-cents store on the Black Horse Pike in Egg Harbor Township is now Everything 89-cents.
And while the increase is merely a dime on paper and seemingly not that big of a deal, that ten-cent increase represents an approximate 12-percent jump in prices.
Simply put, if you spent $7.90 for ten items there last week, you will now spend $8.90 for those same ten things this week. If you are trying to make every nickle and dime stretch as far as it can, your budget just got that much tighter.
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A year ago, as the pandemic ravaged country after country and economies shuddered, consumers were the ones panic-buying. Today, on the rebound, itâs companies furiously trying to stock up.
Mattress producers to car manufacturers to aluminum foil makers are buying more material than they need to survive the breakneck speed at which demand for goods is recovering and assuage that primal fear of running out. The frenzy is pushing supply chains to the brink of seizing up. Shortages, transportation bottlenecks and price spikes are nearing the highest levels in recent memory, raising concern that a supercharged global economy will stoke inflation.