Mid-Michigan residents’ bottom line impacted by rise in inflation
LANSING, Mich. (WILX) - If you’ve been to the grocery store lately, you’ve probably noticed you’re shelling out more cash for the things you need.
Prices are increasing on everything from groceries to gas.
- Mid-Michigan food pantries feel the strain as food prices spike
- Inflation at 40-year high pressures consumers, Fed and Biden
- Biden Administration aims to lower the cost of meat in 2022
“I’ve noticed fruits and vegetables have gone up in price quite a bit,” said Polina, an East Lansing resident.
Inflation is growing faster than it has since 1982. In one year, it has gone up by 7% and people -- like Polina -- are feeling the impact.
Polina lives in East Lansing and she’s trying to figure out how students at MSU can survive with the rising cost in gas, housing and groceries.
“A lot of student jobs probably pay $10-15 an hour and they come to get groceries and I don’t know what they eat,” Police said.
She said she’s had to stop shopping at larger grocery stores because the shelves are empty and what they have in stock is more expensive.
“I’ve noticed there’s been a price increase in eggs and milk and meats,” Polina said.
“We do see a difference,” said Ayalla Ruvio, an associate professor of marketing at MSU. “When you are a smaller business, the cost, the fixed cost is smaller.”
Because of supply chain issues, businesses are having to pay 10 times more than normal for a shipping container. Unfortunately, that cost is passed on to the consumer.
“What do we do? We either pay with money or pay with our time,” Ruvio said.
She explained how shoppers can weather the storm.
“For example, if you want to buy a used car today, you should know that you are paying 37% more than last year,” Ruvio said. “If you are willing to pay for that, fine, but a lot of us will decide to wait. This is how we pay with our time: we will not buy the car right now.”
Ruvio said the good news is inflation costs have actually decreased in January 2022. She’s hopeful this could be a trend moving forward.
Copyright 2022 WILX. All rights reserved.
Subscribe to our News 10 newsletter and receive the latest local news and weather straight to your email every morning.