Higher prices remain despite low inflation rate

COLUMBUS, Ga. ( WRBL ) — The economy has been a hot topic in the 2024 presidential election. While both campaigns have differing opinions on how to address issues like inflation, many Americans are still struggling with the rise in prices.

The U.S. Department of Labor reports the current annual inflation rate is 2.9 percent – the lowest since March 2021. While the nation is seeing a slowdown, consumers are still feeling financial hits to their wallets, as experts say prices are significantly higher due to multiple factors like the COVID-19 pandemic.

Because of [COVID-19] and because of supply chain challenges, scarcity and products, what effectively happened is those prices started to rise because it cost the business more to provide or deliver a particular product or service to the consumer.

Jerald Mitchell, CEO of the Columbus Georgia Chamber of Commerce

Jerald Mitchell, the CEO of the Columbus Georgia Chamber of Commerce, says inflation has had an impact on business growth and consumer spending, especially in the grocery stores.

Columbus resident Telma Castellanos says her spending habits have changed significantly.

The grocery store is too expensive now. For example, I used to buy eggs at $8.50, now it’s $13. But the [most] I have spent for eggs is $23 and it was for the same [amount of] eggs.

Telma Castellanos, Columbus citizen

Local business owners are also feeling the effects, crediting inflation as the reason why their prices have increased.

Pork is probably our biggest item that we use meat wise and you were able to buy pork around a dollar a pound, somewhere in there. I’ve seen it get as high as $1.60 to $1.80 a pound.

Scott Ressmeyer, Partner of Country’s Barbeque

As far as the impact inflation has had on bringing businesses to the Fountain City, Mitchell says this year’s political environment plays a big factor.

Companies are wondering how policies are either going to stay the same or how policy is going to change in ways that have an impact on their bottom lines. So all of those things have also led, I think, not to a shortage or decrease in overall activity. It’s led to a slowing of the decision making process.

Jerald Mitchell, CEO of the Columbus Georgia Chamber of Commerce

For the latest news, weather, sports, and streaming video, head to WRBL.