BUSINESS + ECONOMY

Consumer prices are at 13-year high, raising inflation concerns

Aug 12, 2021, 4:30 PM | Updated: 4:49 pm
wholesale inflation utah interest rates...
FILE: KSL TV

SALT LAKE CITY — Consumer prices continue to increase furthering concerns over inflation.

Caleb Silver, editor and chief for Investopedia, told Utah’s Morning News on KSL NewsRadio that the US economy is at a 13-year high.

“We are seeing rising prices basically across most categories,” he said. “But we are seeing some prices starting to (decrease).”

Consumer prices up, but with relief in some categories

Silver said prices in used and new automobiles are coming down from where they were a month ago. 

However, prices for gasoline, groceries, and home appliances are sky high right now.

“All those prices are still very high,” he said. “And it’s starting to bleed into consumer sentiment and confidence.”

Inflation is caused by limited supply and high demand. Silver said there are not enough jobs to fill the high demands on consumer goods. As a result, individuals are feeling it in the wallet. 

“You are feeling it pretty much in everything you spend money on these days,” Silver said. 

Wage increases help offset inflation

Silver said employers have increased wages to help fill the roughly 10 million available jobs.

“We’ve seen wage increases four straight months,” he said. “I think it was 11 cents in the last month that follows four straight months. Wages are up, I think some 20-odd percent in terms of year-to-year growth. So they are increasing, but it’s still not enough to bring some workers back into the work force.”

Manufacturing jobs have been a staple in the US economy. While things have changed, Silver said manufacturing jobs will always be an important part of the country’s economy.

“We’ve also turned into a technology-based economy,” he said. “It’s helped out productivity in a lot of ways. We are still one of the biggest manufacturing power houses in the world. Manufacturing is still a key component of the US economy.

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Consumer prices are at 13-year high, raising inflation concerns