The latest federal inflation report reveals that prices have climbed again, with the Consumer Price Index rising 4.2% in May compared to a year earlier. This marks the first time inflation has exceeded 4% in three years according to the U.S. Bureau of Labor Statistics. Local business owners like John Hill at Get Hooked Grill in Hudson Florida report that higher costs have become a regular part of doing business with beef and chicken prices described as crazy. Despite rising expenses Hill has resisted raising menu prices because customers lack disposable income and are scared about what might happen next. Energy costs were a major factor in the overall increase accounting for more than 60% of the rise during May alone. Food prices continue to climb with the overall food index increasing 3.1% during the past twelve months while grocery prices rose 2.7%. Server Angel Quinonez experienced sticker shock when seeing roast beef priced at nearly $21 at Publix for his family shopping trip. Economists estimate that the average American household is spending nearly $300 more each month on the same goods and services than it did a year earlier. Workers at local restaurants are making adjustments in their own lives to cope with higher costs by cooking at home more often and reducing dining out frequency. Restaurant owners worry about the long-term outlook for independent restaurants if costs continue rising without relief from consumers or policymakers.
Rising Inflation Hits Florida Businesses and Consumers Hard in May Report
