Inflation has been affecting many sectors of the economy, but one of the most dramatic increases is the price of gas. | Pexels
Inflation has been affecting many sectors of the economy, but one of the most dramatic increases is the price of gas. | Pexels
The disturbing trend of inflation that began last year and has risen drastically in the past 12 months is reaching new heights, as the price of rent, gasoline and groceries continues its meteoric rise.
Consumers aren't the only ones affected by the rising prices. Many businesses are barely scraping by and must make the tough choice between absorbing the costs to keep their customers coming through the door or passing the costs on through price hikes and risk losing loyal customers.
Almost every good and service have seen price increases over the past year, but gasoline might just be the perfect figurehead for how bad inflation has gotten. In recent days, the average price of gas has climbed over $4 a gallon, a price that hasn't been seen since 2008. On the coasts, gas costs even more.
A Fayetteville resident, Jacqueline Budil, expressed a common frustration at the price increases.
"People, they're struggling to make rent because rent went up also," she told ABC 11 News. "Now gas prices. For the price you pay to fill your tank up, that's a bill. That could be your water bill (or) half of your electric bill."
In response to the rising costs and increased challenges, businesses are trying to get creative in order to maintain their margins.
The co-owner of Owen's Florist in Fayetteville, Barbara Coleman, said they are changing the way that they do deliveries.
"We're just using our system to route everything the best way possible, so we're not running to the same area of town several times a day," she told ABC 11 News.
This could compromise the customer experience, but she says that the company must strike a better balance in order to stay afloat. So far, they haven't had to raise prices, but that option might be on the table if costs don't slow their ascension.
In his recent State of the Union address, President Joe Biden tried to express optimism and hope that inflation will start to slow down, but some voters throughout the country are becoming impatient with the rate of inflation during the president's first year in office.
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