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Inflation continuing to be issue for North Texas businesses, customers
People can’t escape the high prices, whether they are at the grocery store, or trying to buy a new car.
DALLAS - Inflation has made consumers cut down on eating out and trips out with friends.
But people can’t escape the high prices, whether they are at the grocery store, or trying to buy a new car.
"Gas prices, it’s a major increase," Jenny Walls said.
For the second month in a row, the inflation rate reached a 40-year high in the U.S.
Overall prices last month, compared to last year, were up 7.5%, and people said they’ve certainly noticed it in their bills and on their receipts.
"I think we all could use a bit of a break," Briteny Demny said.
Inflation has been rising at a fast rate since last summer.
There were hopes it would calm down quickly, but continued supply chain issues, global COVID disruptions, wage hikes, and increased demand for products continue to push prices up.
"Everything is going up, nothing is going down," said Tom Melesky, owner of Press Box Grill in Downtown Dallas.
This is the third time since the start of the pandemic that FOX 4 has checked in with Melesky. For him, food prices have gotten so high that he’s about to pass it onto his diners.
"We've held off for as long as we could, but I cannot continue to absorb all of these price increases," Melesky said.
He said he also wants to make sure his employees can handle higher prices when they get home from work.
"I pay everybody what they are worth. Everyone in the kitchen is going to be getting increases at some point. Hopefully tied with price increases on the menu," he said.
And the higher prices are everywhere, including at the grocery store, the gas pump, on the power bill, and even cars are selling for well above the asking price.
"Every sector is being impacted, and so that means that it's very hard for consumers to just avoid it," SMU economist Mike Davis explained.
And while people are hoping for a break soon, Melesky is a little less optimistic.
"Prices never go back down. Nobody says, ‘I am making too much money and I am going to reduce my prices,’" he said.
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