Inflation continues to worry Georgians, groups say
Inflation will likely stick around for the foreseeable future, and the elevated inflation continues to worry Georgia businesses, groups said.
The U.S. Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers increased by 6.4% over the past 12 months, higher than anticipated. Additionally, the Producer Price Index increased by 6% over the same period.
“After a few months of apparently cooling inflation, it’s obvious that inflation is proving to be sticky and will be around for quite some time,” Erik Randolph, the Georgia Center for Opportunity’s director of research, said in a statement. “The core problem is that the Federal Reserve’s goal is merely to reduce the rate of inflation, not bring down the high prices we are already seeing.
“That means the cost of essentials like eggs and milk will remain elevated,” Randolph added. “The impoverished, lower income Americans, and seniors living on fixed incomes will continue to suffer the most.”