Inflation In Ohio: How Much More Is Food, Gas Costing Residents?

Cleveland OH

14 December, 2021

9:48 AM

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OHIO — Like much of the rest of the nation, Ohioans are feeling the pinch of inflation this year. Consumer prices jumped 6.2 percent in October versus last year, the highest such increase since 1990. Data released this month by the Bureau of Labor Statistics show gas prices nationwide have surged nearly 50 percent, food prices are up 5.2 percent over the past year, and demand for used cars and trucks has pushed up prices 26.4 percent. "We're seeing continued inflation because of cracks in the supply chain and the labor market becoming more expensive. It's more expensive to get workers who make goods or provide services and companies are passing on these expenses to consumers," said Michael Goldberg, a professor at Case Western Reserve University's Weatherhead School of Management. In the Midwest, a region that includes Ohio, prices are up 7.3 percent year-over-year and were up 0.4 percent in November, according to the Bureau of Labor Statistics. Read more: Why Is U.S. Inflation So High, And When Will It Ease? ExplainerFood and beverages Food prices in the Midwest increased 0.5 percent in November. Over a 12-month span, food prices have increased 7.1 percent, the Bureau of Labor Statistics said. Energy Energy prices were up 0.8 percent from October to November. The increase was largely driven by the cost of gasoline (up 2.1 percent). Prices for natural gas and electricity actually declined, 0.7 percent and 0.8 percent respectively. Energy prices are up 36.7 percent over the course of the year, driven almost entirely by price increases for gasoline (up 62.9 percent in 2021). Goldberg noted that energy prices will be of particular concern throughout the winter and holiday season. Housing Like other states, Ohio's real estate market has been uncommonly hot for an uncommonly long time. While price increases have begun to slow, there may be a new normal developing. Relief? Unlikely SoonProblems with the supply chain have become a familiar plight for Americans. Our favorite stores and goods are suddenly low on stock. "We're seeing cracks in the supply chain that are making products more expensive. Products are getting to places later. As it gets more difficult to deliver products and services to consumers, prices rise," Goldberg said. It's unclear what resolution could alleviate these ailments, particularly during the crunch of the holiday season. Additional Cleveland-based inflation research is available at the Federal Reserve of Cleveland's website.