Rapid City Economist Predicts Inflation Within Local Grocers
RAPID CITY, S.D. (KOTA) - According to the U.S. Bureau of labor and statistics food prices rose 5.4% over the past year, that’s is the largest 12-month increase since the period ending November of 1990.
Currently, the global economy is experiencing inflation, prices are up at the big retail grocery stores and at the pump. Local grocers have not seen a huge increase in products but local economist Don Frankenfeld says it’s only a matter of time before local stores start seeing an increase in consumer goods.
" COVID-19 is what forced us to try and stimulate the economy and keep us on an even keel, getting out of this mess is going to take tough monetary medicine”
Chris Seely, co-owner of The Market in Rapid City says the only items he has not seen a huge price spike in local products but national ones are another story”
" The only items we’ve seen huge costs in are the things everyone hoard purchased last year during COVID like rice and beans and those staples that everybody kind of panicked when COVID started”
Seely, says customers are purchasing more items are larger households because prices are not high whereas at big retail grocery stores those prices have increased a great amount.
Frankenfeld says “COVID-19 is to blame and getting out this mess will be the bigger challenge”.
Copyright 2021 KOTA. All rights reserved.