RALEIGH, N.C. – Recent numbers from the Consumer Price Index (CPI) show that prices are climbing across many sectors. A student from UNC Wilmington shared his thoughts while filling up his car. He mentioned that rising gas prices will likely force him to drive less. “I need to get around, but it’s getting expensive,” he said.
The CPI report indicated a 0.5% increase in inflation for January. This rise comes as the Biden administration was ending and right after the start of the Trump administration. Year over year, prices jumped 3% overall.
The cost of fuel experienced a notable spike, increasing by 6.2% from December to January. Interestingly, despite this rise, fuel prices are down by 5.3% when looking at the last year.
Betsy Chapin, a Raleigh resident, expressed her concerns about managing expenses. “You have to be really careful with your money these days. Sometimes, I have to choose between necessities like my prescriptions,” she said.
Food prices also went up, showing an overall increase of 0.4% and rising 2.5% from January 2024. During her grocery shopping, Chapin spent $337. She noted, “Four bottles of wine cost me $40! It’s frustrating that I got so little for such a high price.”
Joe Biddell, another resident, is trying to be budget-conscious. He and his wife stick to basic items and hunt for deals to save money. “If it’s not a buy one, get one, we skip it. It’s concerning when just two bags of groceries cost $100,” he said.
Transportation services have jumped by 8% compared to January 2024, with a smaller increase of 1.8% for January alone. Additionally, you’ve got mixed results for electricity, new vehicle prices, and medical services, which saw changes year over year but remained stable from December to January.
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