Metro Atlanta Residents Impacted By Highest Inflation In Decades
ATLANTA, Ga. (CW69 News at 10) -- We're seeing the highest inflation in decades in the country, and according to the U.S. Bureau of Labor Statistics, Atlanta's inflation topped all other metro areas around the country as of October 2021.
Skyrocketing prices have Metro Atlanta consumers shaking their heads. More demand and less supply is causing inflation. "We have to pay a lot of gas, and we travel more than most people," said Raphael Alvarez, a construction worker and Atlanta resident. "I think at this time we have no choice but to pay," said DeKalb County resident Howard Woodburn. The BLS's Consumer Price Index Report for October shows U.S. inflation increased by 6.2% over the last year. It's the fastest annual increase in about 30 years. Atlanta had the highest inflation in the country, with a 7.9% increase.
Georgia State University Professor and Director of Economic Forecasting Dr. Rajeev Dhawan shares why. "Whichever cities that are heavy on restaurants, on hospitality, are going to experience more inflation, because that's where the prices have gone up," he said. That applies to Atlanta, and it's because of the high costs for goods and labor. "Prices will not go back down that easily," said Dhawan. Inflation is especially impacting drivers and low wage earners, but it has its benefits. Borrowers have the upper hand, because their money is worth less now than when they borrowed it. Inflation also drives up home values. "There's always going to be some winners and some losers," Dhawan said.
The good news is, once the supply chain recovers and the price shock is over, inflation is expected to eventually go down.
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