Surging inflation means Cincinnati shoppers spending even more for eggs, airline tickets

A question Mark Freeland is asked more frequently these days is driven by one word: Inflation. “Can we meet you in the middle?” Freeland said.Freeland runs Discreet Pest Control. While working in Over-the-Rhine on Wednesday, Freeland said clients feeling the pinch of higher prices are trying to find ways to save. “I’ve had a few, actually, try to renegotiate – ‘OK, this is what I need . ‘ And they’re like, ‘Let’s see what we need and let’s see if we can meet in the middle,’ “Freeland said. last month, the fastest year-over-year jump since 1981. “There’s very little good news out of this report,” said UC economics professor Michael Jones. year. Groceries cost 12 percent more and airline tickets are up 34 percent. “We are seeing consumers pull back,” Jones said.That includes Debra Love. ” than I have in the past, “Love said. Jones said spiking prices will likely lead to more substantial rate hikes by the Federal Reserve, making it more expensive to borrow money.” That means a lot of bad news for the home buyer, ” Jones said. “It means a lot of bad news for consumers who are purchasing on debt.” Jones thinks Wednesday’s worse-than-expected inflation report means more gloomy economic days ahead. “I think these inflation numbers mean a recession is much more likely,” he said.If that ends up being the case, talk of layoffs could soon dominate the economic dialogue. “Even at the University of Cincinnati, some of the college graduates to receive job offers from companies, they’re seeing their job offers rescinded right when they get ready to go to work, “Jones said. Jones said the surge in inflation involves several factors, including supply chain disruptions, Russia’s invasion of Ukraine and last year’s fiscal stimulus that put a massive amount of money into the US economy during the dark days of the pandemic.

A question Mark Freeland is asked more frequently these days is driven by one word: Inflation.

“Can we meet you in the middle?” Freeland said.

Freeland runs Discreet Pest Control. While working in Over-the-Rhine on Wednesday, Freeland said clients feeling the pinch of higher prices are trying to find ways to save.

“I’ve had a few, actually, try to renegotiate – ‘OK, this is what I need.’ And they’re like, ‘Let’s see what we need and let’s see if we can meet in the middle,’ “Freeland said.

That’s an increasingly tall order, especially since a report released early Wednesday shows the government’s Consumer Price Index rose 9.1 percent last month, the fastest year-over-year jump since 1981.

“There’s very little good news out of this report,” said UC economics professor Michael Jones.

The report shows it costs 11.4 percent more to buy a new car than this time last year. Groceries cost 12 percent more and airline tickets are up 34 percent.

“We are seeing consumers pull back,” Jones said.

That includes Debra Love.

“It’s getting to be a little difficult. I’m having to do a lot less Amazon purchasing than I have in the past,” Love said.

Jones said spiking prices will likely lead to more substantial rate hikes by the Federal Reserve, making it more expensive to borrow money.

“That means a lot of bad news for the home buyer,” Jones said. “It means a lot of bad news for consumers who are purchasing on debt.”

Jones thinks Wednesday’s worse-than-expected inflation report means more gloomy economic days ahead.

“I think these inflation numbers mean a recession is much more likely,” he said.

If that ends up being the case, talk of layoffs could soon dominate the economic dialogue.

“Even at the University of Cincinnati, some of the college graduates to receive job offers from companies, they’re seeing their job offers rescinded right when they get ready to go to work,” Jones said.

Jones said the surge in inflation involves several factors, including supply chain disruptions, Russia’s invasion of Ukraine and last year’s fiscal stimulus that put a massive amount of money into the US economy during the dark days of the pandemic.

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