Oklahoma experts broke down the economic disruption and when we can expect a possible inflation decrease.The cost of living is going up and it is undoubtedly hurting some wallets. Inflation is up 7.5% over the last year, which is the fastest pace in over four decades.>> Related: Stitt joins governors in signing letter blaming Biden for inflation, supply chain shortagesBalancing the pocketbook will be more challenging this year. Everything from food, electricity and housing is all going up and local experts said that our 40-year high inflation rate is going to stick around.”In some ways, 7-8% inflation doesn’t sound like a lot, but it really is,” said Russell Evans, Oklahoma City University interim dean and professor of economics. In January, prices climbed at an annual rate of 7.5%. Prices like that haven’t been seen since February of 1982.Evans said that the high inflation rate is becoming disruptive and harder to adjust to.”It’s significantly outside the target that policymakers set. The goal is to keep inflation at about 2% per year, it’s predictable, we all know it’s coming, it’s easy to plan for, it’s easy to adjust living,” Evans said.>> Related: Regional Food Bank of Oklahoma hit hard by supply chain issues, inflationEvans said that there are two reasons behind the record price hikes: COVID-19 and policy.”It’s done two things: reduced the amount of stuff available to buy. These are the supply chain disruptions. And then policy from the pandemic has pumped a tremendous amount of money into the economy so you have more money in which to buy goods and services,” Evans said. Consumer prices for food, electricity and housing have risen the most. Experts said that the nation’s high inflation rate is hitting middle-income families the hardest.”Their salaries haven’t gone up and at the same time, maybe they don’t have a stock of assets that have increased in value. It’s that group that’s probably feeling it the worst right now,” Evans said.Evans said that households are going to have to creatively navigate around these high inflation rates because they are likely to stick around into 2023.
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