Some financial experts are anticipating a slowdown of inflation this year, but recent consumer price data tells a different story.
On Wednesday, we spoke with community members in Orcutt, who say the prolonged era of rising expenses has left them finding ways to cut back on spending.
“It has been a learning experience actually, learning to curb a lot of excessive spending,” said Orcutt resident Randy Brown.
Brown says he began noticing higher price tags at the grocery store roughly two years ago, and according to the latest Consumer Price Index released Wednesday, last month, the cost for meat, poultry, fish and eggs all continued to climb.
“It is up in everything that you see,” added Daniel Ringstmeyer. “It is in food, in the grocery store if you go out and shop.”
Ringstmeyer says as a result of those rising costs, in the past two years, careful financial planning has helped him and his family get by.
And while the March CPI did not touch on recent price trends in the construction industry, Ringstmeyer says his line of work hasn’t been immune to inflation either.
“Prices for lumber and for parts and that sort of thing that you would find, they have drastically jumped in the last year,” he continued.
As for restaurant prices, the continued increase in the cost of food away from home has prompted other locals like Steven Martin to stop eating out.
“Restaurant prices were $15, now it is $24. I’m like, 'well, I can’t eat today, I am going to stay home and make my own dinner!'" he said.
In a small silver lining to the situation, the March CPI states that prices for butter, cereal and baked goods actually dropped last month.
Even still, Brown remains skeptical that inflation will ease.
“Not this year, actually. Interest rates are probably going to go up, and no, that is not going to happen,” he stated.
According to the report, while consumer prices continued trending upward last month, average hourly earnings remained the same, up only .6% over the past year.
