Inflation is Increasing Prices Across the US

Written by Omar Kittaneh

Inflation is a general increase in the prices of goods and services in the economy. When the general price level rises, the currency becomes less valuable as it buys fewer goods and services. Inflation is related to the reduction in the purchase power of money. The beginning of inflation was essentially policies that allowed big growth in the supply of the economy.

When inflation is happening, prices for basic necessities such as food are higher and it can have a negative impact on society, as seen right now. Inflation can occur to nearly any product and can be a concern because it makes money less valuable. Inflation is caused because of the increased production cost on items and services. Industries suffer a lot from inflation and people don’t prefer to spend money on heavily priced goods. Inflation has been an unmanageable issue in the whole world and its impact has been hurting the daily life of others.

Prices are rapidly increasing on everyday products. Spokesperson of General Mills, Kelsey Roemhildt, explained the increasing prices by saying, “The current operating environment is as dynamic as we’ve experienced in at least a decade. The inflationary environment has increased, including higher prices for commodities, logistics, and other costs in our supply chain. Our first line of defense is our internal program for productivity, Holistic Margin Management (HMM), to become more efficient at what we do,” (https://www.wxyz.com/news/now-cereal-prices-are-on-the-rise-and-experts-say-inflation-will-stick-around0).

For the majority of consumers in the United States and around the world, inflation is looked at as a negative thing. Unfortunately, there is not much we can do about it. Inflation has lasting effects on the economy, and how it has affected the country's economy in the past can be looked at to determine how it will affect the present and the future.

Cover image credit: https://unsplash.com/photos/_aUwE2DnIPg.