Inflation, Gas Prices Affecting You More Than Just at the Pump - KCBD NewsChannel 11 Lubbock

6/11/08

Inflation, Gas Prices Affecting You More Than Just at the Pump

NewsChannel 11 conducted an experiment, and we discovered overall in groceries there's been about a 5% increase in inflation annually, and experts agreed with our assessment.

But is the inflation increase over the last five years really all that bad?

"I do think the American consumer is suffering much more than the government statistics would suggest," Texas Tech Professor of Finance Scott Hein says.

Hein says that the inflation we are currently seeing, isn't the worst its ever been, "We saw much more than that in early 1980s by way of comparison; so this is nothing like the inflation period say from 79 to 82."

Although Hein does say there has been a recent spike of inflation in the last couple years. So what is driving this?

"I think you have to look at our Central Bank, the Federal Reserve to properly understand what's driving inflation, and I think the Fed has made mistakes in the past. They have been worried too much about the economy slowing and have been too easy and with that people have to be aware of all they buy with goods and services and that drives up prices."

But consumers say they are hurting.  "Everything is just going high, gas, food, bills and the pay is the same!

Hein adds, there is an upside to this inflation period, "And while I hate to pay $4 a gallon for gasoline today, I'm happy actually that I can get gas and don't have to wait in line for it. So it could be much worse and has been much worse in our history."

Below is a complete list of the items purchased.

2003

2008

Difference

Percentage

Blueberry Cake Donuts

$2.99

$3.49

$0.50

16.72%

Red River Milk

$2.49

$3.89

$1.40

56.22%

I Can't Believe It's Not Butter Spray

$1.59

$2.29

$0.70

44.03%

Blue Bell Ice Cream

$4.39

$4.99

$0.60

13.67%

Kids Cuisine

$1.79

$2.00

$0.21

11.73%

Santa Fe Tortilla Chips

$2.99

$3.59

$0.60

20.07%

Cocoa Pebbles

$2.99

$3.29

$0.30

10.03%

Rainbo Bread

$2.19

$2.79

$0.60

27.40%

Smuckers Preserves

$2.99

$3.19

$0.20

6.69%

Jif Peanut Butter

$1.99

$2.09

$0.10

5.03%

Bisquick

$0.99

$1.49

$0.50

50.51%

Kraft Cheese

$4.79

$5.39

$0.60

12.53%

Corn on the Cob

$0.20

$0.40

$0.20

100%

TOTALS

$32.38

$38.89

$6.51

28.82%

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