Old North News

North Carolina residents are feeling the impact as inflation rates have hit their highest point in four decades.

The U.S. Bureau of Labor Statistics reported that the consumer price index for all urban consumers showed that 2021 had a 7% increase in the "all items" index from January to December. This is the largest increase over a 12-month period since June 1982. On Jan. 26, Republican Congressman Greg Murphy tweeted regarding the impact of inflation on the families in Eastern North Carolina, referring to a report by the Wharton School at the University of Pennsylvania.

“American families spent $3,500 more in 2021 to achieve the same level of consumption of goods as in previous years (2019 and 2020),” Murphy tweeted.

Gas prices are also on the rise across the country, but a recent AAA report said the southern region of the U.S. experiences lower retail gas prices than other parts of the country. However, the state of North Carolina still has higher prices at the pump than 12 months ago. The average price for regular gas is $3.17, with mid-grade at $3.53, premium at $3.88 and diesel at $3.62.

The Bureau of Labor Statistics report said the food index rose 6.3%, with the energy index going up 29.3%. The increase for food at home was a 6.5% jump over 12 months. Taking the biggest hit was the index for meats, poultry, fish and eggs at 12.5% throughout last year.

The rising inflation rate has been a pressing concern for Americans. A poll by McLaughlin and Associates shows that 52% of those surveyed believe the country is in a recession, with 40% saying that it is not. This is a drastic change from January 2021 when 25% say that it was a recession and 70% felt that it was not.