See How CT Prices Rose As U.S. Inflation Hits 40-Year High

Milford CT

10 December, 2021

6:08 PM

Description

CONNECTICUT — The cost of day-to-day life in Connecticut is never cheap in the best of times. But this year, prices at the grocery stores and gas pumps soared. Prices overall in Connecticut and the Northeast rose 6 percent over the year, according to the Bureau of Labor Statistics, which is the largest increase in over 30 years. Energy and food costs drove much of that increase, data shows. "The energy index jumped 32.5 percent, the highest over-the-year rate since mid-1980," the Bureau of Labor Statistics' November consumer price index report stated. "The food index also advanced over the year, up 5.8 percent, the largest 12-month increase since December 2008." The price increases aren't necessarily a surprise — inflation hit a 40-year-high over the year. Data released this month by the Bureau of Labor Statistics show gas prices nationwide have surged just over 58 percent, and food prices are up 6.1 percent in November over the past year. SEE ALSO: Why U.S. Inflation Is So High, And When It May Ease: Explainer Inflation has been a worldwide problem as nations deal with continued shocks from the coronavirus pandemic. But some economists said the United States' higher inflation rate than Europe could be pinned on a flood of government spending, including a $1.9 trillion coronavirus relief package, according to the Associated Press. Megan Greene, chief economist at the Kroll Institute, told the Association Press that inflation will eventually return to something closer to normal. "I think it will be 'transitory','' she said. "But economists have to be very honest about defining transitory, and I think this could last another year easily.'' Here's a breakdown of how Connecticut, Northeast areas prices changed over the year: Food Meat, poultry, fish and eggs saw the biggest increase of any food category, with prices jumping 10.5 percent over the year, according to the Bureau of Labor Statistics. Food away from home, including restaurants is up 6.9 percent. Nonalcoholic beverages and beverage materials rose 5.1 percent. Cereal and bakery products rose 5.2 percent. Alcoholic beverages only increased 0.9 percent in price. Gas Gasoline prices overall rose 57.1 percent this year, according to the Bureau of Labor Statistics. New car prices also rose 13.3 percent, while the cost of clunkers and other used cars and trucks increased 32.8 percent. Housing Overall housing costs increased 4.1 percent in the past year. Household energy costs rose more dramatically — 16.5 percent overall and 19.6 percent for gas utilities. See more information about how the Connecticut, Northeast prices changed here. Written by Matt Troutman, Patch Staff