Today, Explained Why stuff is getting more expensive
Jun 23, 2021
Emily Stewart, a Senior reporter at Vox with a focus on economic issues, joins to discuss the current state of inflation. She breaks down the reasons prices are soaring, from labor shortages to pandemic-induced supply chain disruptions. Stewart highlights the surprising rise in costs for everyday items like chicken wings, lumber, and used cars. With insights into how inflation varies globally, she offers a historical perspective and examines how the Federal Reserve navigates these challenges, providing a clear picture of today's economic landscape.
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Inflation Explained
- Inflation is a general rise in prices, like a grocery basket costing more.
- Ideally, wages increase with inflation so purchasing power remains stable.
Lumber Price Surge
- Lumber prices skyrocketed due to increased demand and reduced supply during the pandemic.
- This is an example of specific product inflation and supply chain issues.
Used Car Market Inflation
- Used car prices have increased significantly due to supply chain disruptions and increased demand.
- The microchip shortage and shipping issues contribute to the limited supply of new cars, impacting used car prices.