Prices are inflated in many industries; Experts say that a break is on the way
CHATTANOOGA, Tenn. (WDEF)- Over the last few months, consumers have seen prices increase almost weekly.
Now, people are wondering if it is really due to COVID-19 or if the economy is taking a plummet.
Self-proclaimed as having the best Cheese steak in Hixson, Tennessee, Mimis Deli has been able to stay open all throughout the pandemic.
Catering to their customers one sandwich, or hot dog at a time.
Ashlee Roy, Mimis Deli Owner, says, “We never had to shut down. We never had to close. So, our customers and the local people are the only reason that we are still here. So, we are so grateful for them.”
The deli had to raise their prices 6% across the board because of food costs and the cost of labor.
This is the first time that the restaurant has had to raise their prices.
Roy adds, “We hate to have to rise the prices. But, we haven’t had any major issues. All of the customers understand and they know that with the customer service that they are getting and the food that they are getting it seems to be worth it for them.”
Consumers have seen prices increasing in all industries.
According to CNN, The consumer price index, jumped 9% in June, which is the largest one-month increase in 13 years.
Jen Psaki, White House Press Secretary said this about inflation concerns, during the White House Press Briefing on Thrusday.
“Our experts believe, and the data shows, and the Federal Reserve chair, who operates independently, conveyed yesterday, that most of the price increases that we are seeing are expected to be temporary due to the consequences of re-starting an economy shut down during the pandemic.”
Chattanooga based Blue Ridge Wealth Planners agrees with Psaki.
John Vandergriff says, “What we are going to see is that the numbers that we are going to see right now from inflation are up 5.4% which is really high, historically. I think that we are going to see those come back down. But, I wouldn’t be surprised if those stay in those 2-3% category for the duration of time.”
Prices may be increasing for now, but experts say they will eventually return to normal.